Company continuously strives to procure effective solutions to meet economic challenges, says CEO
Juhayna for Food Industries’ 2018 first quarter results illustrate an upswing in profits of 39% year-over-year to reach EGP 81m, while quarterly revenues rose 23%, reaching EGP 1.6bn.
The company’s first-quarter profit was due to general economic recovery, following the adoption of a strategy to reduce the company’s debts, said Seif Thabet, CEO of Juhayna. He added that that occurred by plummeting the on-board importing expenses at the present time, while maintaining cash flows.
He asserted the company’s constant efforts to adapt to citizens’ needs and invent new products that meet consumer needs without raising prices, and hence, ensuring the recovery of the consumed commodities market and significantly increasing purchase power. Consequently, this was positively reflected on the company’s first-quarter profits.
Thabet emphasised the need to find local alternatives which would preserve production elements and requirements. This will lead to providing stable prices that never comply with sudden and unacceptable increases, in addition to offering high-quality products with favourable prices.