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FINANCIAL NEWS
Kuwait’s Americana net profit up 33.6 percent in Q3
13 Nov 2014
(MENAFN) Kuwait Food Co (Americana) announced it has posted a 33.6 percent jump in its net profit during the July-September period, due to an increase in revenue and a decline in costs, Gulf Business reported.
During the third quarter of this year, the company said it has registered USD37.45 million in net profit compared with USD28.11 million in the corresponding period of 2013.
Americana said that the increase in net profit was the result of an increase in revenues, which grew 5 percent compared to the same period last year to reach USD748.26 million, as well as a decline in general and administrative expenses.
The company, which is a franchise operator in the region of restaurants including KFC and Pizza Hut, owned by Yum Brands, announced last week that its major shareholder Al Khair National for Stocks and Real Estate Co, which is owned by the al-Kharafi group, is currently in preliminary discussions with various parties to sell in the firm.
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