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Kuwait’s Americana net profit rises 8.7 pct in Q2 Tamdeen Investment earns KD 7.7m in 6 months

DUBAI, Aug 11, (Agencies): Kuwait Food Co, which sells food products under the Americana brand name, reported an 8.7 percent increase in second-quarter net profit on Sunday. The company made a profit of KD 12.80 million ($45.2 million) compared to KD 11.78 million in the corresponding period of 2013, it said in a statement on Kuwait’s bourse. Total operating revenue rose 5.9 percent to KD 238.70 million. Americana, 67 percent owned by the Kharafi family, one of the largest merchant families in the Gulf Arab state, may be sold after the Kharafis hired investment bank Rothschild to explore a sale, sources told Reuters in April. Founded in 1964 in Kuwait, Americana is a publicly traded group of companies based in the Middle East and North Africa, with interests in restaurants and packaged food. The company is a franchise operator in the region of restaurants including KFC and Pizza Hut, owned by Yum Brands.

Tamdeen Investment Company (TAMINV) has realized KD 7.7 million in profits during the first six months of 2014, 26.3 fils earnings-per-share, compared to profits worth KD 5 million and EPS 16.8 fils in the same period last year, the company said on Monday. In a statement posted on the website of the Kuwait Stock Exchange (KSE), Tamdeen said that shareholders’ equity during the six months till June 30, 2014 hit KD 132.9 million, compared to KD 106.8 million the same period in 2013. The company added that the total assets in the first six months of the year reached KD 213.9 million. Liabilities hit KD 73.5 million, compared to KD 31.7 million the same period last year. TAMINV was founded in 1997 and enlisted at KSE in 2006.
 
The Kuwait Real Estate Company (KRE) said on Monday it had gained KD 3.4 million in profits during the first six months of the year, with 3.86 fils earnings-per-share (EBS). This is compared to profits worth KD 3.32 million and EBS 3.57 fils in the responding period in 2013. Shareholders’ equity during the six months till June 30 reached KD 116.8 million, compared to KD 119 million the first six months of 2013, the company said in a statement posted on the website of the Kuwait Stock Exchange (KSE). KRE added that the total assets in the first six months of the year reached KD 207.4 million. Liabilities hit KD 90.6 million, compared to KD 64.9 million the same period the previous year. The Kuwait Real Estate Company was founded in 1972 and enlisted at the KSE in 1984.
 
Kuwait Financial Centre (Markaz) on Monday announced earning KD 3 million (6 fils per share) in the first half of this year, compared to KD 3.59 million (seven fps) in the same period of the past year. Markaz Chairman Dherar Al-Ghanem said in a statement that the total managed assets exceeded KD one billion, rising by 10 percent, on June 30, in contrast to those recorded on June 30, 2013. Bearish trends posted in the GCC stock markets negatively impacted on Al-Markaz’s results in the year’s 2Q, where Standard & Poor’s posted a 7.4 percent decline in these markets in June.
 
However, these markets fluctuations “were largely absorbed” in 1Q of 2014, where the company assets grew 10 percent reaching more than KD one billion. Al-Markaz, in the year’s 1st half, was classified by the Euromoney forum as the best investment bank in Kuwait for the second consecutive year. The company, founded in 1974, manages KD one billion worth of assets. It was enlisted by the KSE in 1997.

 

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