Kuwait Food Company (Americana) [FOOD.KK] posted KPIs for 4Q2015, with net income down c15% Y-o-Y (-36% Q-o-Q) to KWD8.68 million, which the company attributed to higher operating costs and lower investment properties income. FY2015 earnings came in at KWD43.9 million, falling 16% Y-o-Y. Revenue for the quarter was flattish (-1% Y-o-Y) at KWD233.8 million – the restaurants and retail segment (62% of total) posted a top-line of KWD145 million, inching up 4% Y-o-Y, while food industries revenue of KWD88.8 million (38%) declined c8%. Meanwhile, operating profit for the quarter dropped c6% Y-o-Y to KWD21.2 million; accordingly, EBIT margin narrowed c50bps to 9.0%. On another note, the company’s Board of Directors (BoD) proposed a cash dividend of 100 fils/share for FY2015, implying a payout ratio of 92% (higher than 2014’s 70%) and a dividend yield of 4.0%. (Company disclosure)