Kuwait's Americana fourth quarter net profit falls

Kuwait Food Co (Americana), whose biggest shareholder has been in talks with several parties to sell a stake in the firm, posted a 28 percent drop in fourth-quarter net profit on March 02. The operator of restaurant franchises including KFC, made a net profit of 10.19 million dinars ($34.38 million) in the three months ending December 31, down from 14.24 million in the prior-year period, it said in a bourse statement.
Americana's 2014 net profit was 52.02 million dinars, up from 50.60 million dinars in 2013.
Americana, backed by Kuwait's billionaire al-Kharafi family, has recommended a cash dividend of 0.090 dinars per share for 2014. Private equity funds KKR and CVC have been among the main contenders to buy into Americana, which also attracted interest from Saudi food producer Savola Group.