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Thu 24 Mar 2016 03:51 PM

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Kuwait's Americana posts 14.8% Q4 net profit drop

Operator of restaurant franchises including KFC makes net profit of $28.75m during quarter

Kuwait's Americana posts 14.8% Q4 net profit drop

Kuwait Food Co (Americana) posted a 14.8 percent fall in its fourth-quarter net profit on Thursday, citing rising costs and declining investment income for the drop.

The operator of restaurant franchises in the Middle East including KFC made a net profit of 8.68 million dinars ($28.75 million) in the three-month period ending Dec. 31, down from 10.19 million dinars in the prior-year period, it said in a bourse statement.

Americana also said its board had recommended a cash dividend of 0.1 dinar per share for 2015 and dividends in kind of 0.133 dinar per share. This compared to a payout of 0.090 dinars for 2014.

Americana said last month its majority shareholder, Kuwait's billionaire al-Kharafi family, had signed an initial agreement to sell their holding to Gulf-based Adeptio Group.

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