Kuwait Food Co (Americana) posted a 85.8 percent jump in third-quarter net profit on Sunday, citing for the increase the positive impact on its earnings from an asset disposal. In a bourse statement, the company reported a net profit of 20.47 million dinars ($67.6 million) in the three months ending 30 September, versus 11.02 million riyals a year earlier.
Gulf investment firm Adeptio, led by prominent Dubai businessman Mohamed Alabbar, completed the acquisition of 66.79 percent of the company on 20 October for $2.35 billion.
Adeptio picked Kuwait's National Investments Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co shareholders, but has yet to provide a timeframe for the offer process. Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.
Source: Arabian Business