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Sun 13 Nov 2016 03:18 PM

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Kuwaiti food firm Americana posts 86% Q3 net profit jump

Gulf investment firm Adeptio, led by prominent Dubai businessman Mohamed Alabbar, bought 66.79 percent of the company last month for $2.35bn

Kuwaiti food firm Americana posts 86% Q3 net profit jump

Kuwait Food Co (Americana) posted a 85.8 percent jump in third-quarter net profit on Sunday, citing for the increase the positive impact on its earnings from an asset disposal.

In a bourse statement, the company reported a net profit of 20.47 million dinars ($67.6 million) in the three months ending Sept. 30, versus 11.02 million riyals a year earlier.

Gulf investment firm Adeptio, led by prominent Dubai businessman Mohamed Alabbar,  completed the acquisition of 66.79 percent of the company on Oct. 20 $2.35 billion.

Adeptio picked Kuwait's National Investments Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co shareholders, but has yet to provide a timeframe for the offer process.

Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.

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