Egypt’s leading dairy producer, Juhayna Food Industries, announced EGP 61m in net profits in the fourth quarter (Q4) of 2015, 85% higher than of the same quarter in 2014. Juhayna said in a statement the net income was recorded at EGP 280m in 2015, up from EGP 170m in 2014, the company said in a Sunday report.
The net income in the first three quarters of 2015 was EGP 219m. The company took three medium terms loans to help refinance its debts and finance its expansion plans. The value of the three loans amounted to EGP 480m.
UK-based Abderdeen Asset Management raised its stake in Juhayna Food Industries in August to 5.08%, up from 4.38%. Also in August, a judicial committee assigned to count and manage funds belonging to the Muslim Brotherhood announced its decision to freeze the assets of the CEO of Juhayna, Safwan Thabet. This decision excluded Juhayna however.
Consequently the Egyptian Exchange temporarily stopped trading on Juhayna stocks, after receiving an alert from the prosecutor general.