Kuwait Food Co. saw its profits fall in 2015 despite an increase in sales.
Net profit for the period ending 31 December dropped 15.6% to KWD43.9m (US$145.4m). Operating profit slid 7.7% to KWD80.4m.
The Americana brand owner, which has manufactures frozen foods and has interests in the foodservice sector, pointed to an increase in operating costs and a decrease in ncome in investment properties.
Its food industries arm saw a quarterly fall in revenues to KWD88.8m from KWD96.4m year-on-year.
Its restaurants and retail unit saw a quarterly rise in revenues for the period however to KWD144.9m from KWD138.8m
Last month Kuwait Food Co. agreed to sell a 69% stake in the business to Dubai-based investor group, Adeptio. There had been speculation since April 2014 its majority shareholder, the al-Kharafi family was on the look-out for a buyer of the stake it held.
In January last year, Kuwait Food Co.’s majority shareholder, Al Khair National for Stocks and Real Estate Co., owned by the al-Kharafi family, confirmed the company was still in talks with “several parties” regarding a sale of its stake after media reports claimed a sale was close to being put on hold as talks were faltering, partly due to differences on price. Media reports since 2014 had suggested Saudi’s Savola Group and private-equity firms KKR and CVC had all expressed interest in the company.