By Daily News Egypt
The consolidated net income for Juhayna Food Industries’ first three quarters climbed up by 60% to record some EGP 219m, compared to EGP 136.7m during the same period last year.
Revenues reached EGP 3.1m, a 12% growth compared to the previous year.
During the current year’s first nine month, the dairy segment brought in EGP 1.59m, a 15% year-on-year (YoY) increase, while yogurt contributed with EGP 813m, an 8% YoY rise. The juice segment also grew by 15% YoY, brining in EGP 587m.
The revenues for the third quarter (3Q) alone were EGP 1.13m, while net profit was 88m, marking a 64% YoY increase.
“We remain committed to our expansion plans, having spent some EGP 219m during the nine month period, directed primarily at our dairy farms,” the CEO of Juhayna Safwan Thabet said, adding that it also aims to improve its operational efficiency.
The company has taken three medium terms loans to help refinance its debts and finance its expansion plans. The value of the three loans amounted to EGP 480m.
Earlier this year, UK-based Abderdeen Asset Management raised its stake in Juhayna Food Industries to 5.08%, up from 4.38%.
In August, a judicial committee assigned to count and manage funds belonging to the Muslim Brotherhood announced its decision to freeze the assets of Thabet. This decision excluded Juhayna, however.