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March 24, 2016

Americana posts FY profit fall

Kuwait Food Co. saw its profits fall in 2015 despite an increase in sales.

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, AdeptioThere 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.

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