Latest News
- Kuwait University Attains WHO Accreditation As Healthy Universit...
- Suspect In Jleeb Al-Shuyoukh Murder Case Arrested By Kuwaiti Aut...
- The Ministry Connects With Violators Of Residency Law In Eight L...
- Kuwait Welcomes Armenia-Azerbaijan Border Agreement For Regional...
- Despite Tough Laws, Chaos Seen On Roads
- Body Of Asian National Found In Jleeb Al-Shuyoukh Area
- Ministry Of Commerce And Industry Launches 6 New Electronic Serv...
- 3 Expats Caught In Salmiya With 213 Bottles Of Locally Produced...
- Over 100 Polygamy-related Cases Were Filed By Kuwaiti Women
- Impersonator Scams Kuwaiti Citizen Via Video Call
- The Municipal Council Announces Vacancies In Districts Six And N...
- Municipality Recovers Seized Plots
Americana Posted 12 Percent Fall In Q1 Net Profit
Kuwait Food Co (Americana) posted a 12.3 percent fall in first-quarter net profit on Thursday, citing higher costs and losses from foreign exchange for the decline.
The operator of restaurant franchises in the Middle East including KFC made a net profit of 15.2 million dinars ($50.5 million) in the three-month period ending Mar. 31, down from 17.3 million in the prior-year period, it said in a bourse statement.
The company blamed an increase in operating costs and losses from foreign exchange for the decline in profits without elaborating. The fall in profit happened despite total operating revenue increasing 1 percent on the same quarter last year to 242.0 million dinars.
Americana's major shareholder, Kuwait's billionaire al-Kharafi family, on 4 February said it had signed an initial agreement to sell their holding to Adeptio Group subject to due diligence and approvals from Americana's board and regulatory authorities.
The Gulf investment firm completed due diligence in April, with the chairman of the Kuwaiti food firm saying later that month the fact they hadn't asked for an extension was a positive sign.
A $1.5 billion loan is being raised by Adeptio to help fund the acquisition. Citi was backing it but pulled out due to compliance concerns relating to Americana's business in Iran, sources told Reuters on April 28. The remaining banks on the deal have since replaced Citi's contribution.
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
Comments Post Comment