Kuwait Food Company (Americana) [FOOD.KK] posted KPIs for 2Q16, with a net income of KWD9.0mn, up c31% Y-o-Y (-40% Q-o-Q). Revenue for the quarter declined 6% Y-o-Y reaching KWD231.0mn – the restaurants and retail segment (c57% of total) posted a 6% decrease in top line to KWD130.1mn, while food industries reported revenue of KWD99.9mn (c43%) was down -5% Y-o-Y. Meanwhile, operating profit for the quarter dropped c22% Y-o-Y to KWD12.3mn, which the company attributed to more Ramadan days falling in the quarter. Accordingly, EBIT margin narrowed c1pp to 5.3%. (Company disclosure)
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