BREAKING: Egypt seizes assets of Egyptian dairy giant Juhayna’s owner

The Egyptian authorities have seized assets of businessman Safwan Thabet, the chairman and owner of Egyptian dairy giant Juhayna, the committee tasked with managing Muslim Brotherhood funds said Thursday.

In a press conference, the committee’s head Ezzat Khamis said the decree to seize Thabet’s assets includes the businessman’s liquid, transferred, and real estate assets, without affecting Juhayna since it is a joint stock company.

Juhayna Food Industries, one of Egypt’s largest dairy product and juice makers, posted a 48 percent fall in full-year net profit on higher input prices as well as currency rates.

Net profits fell to 170.1 million Egyptian pounds ($22.29 million) from 328.3 million.

It cited “negative impact on profit margins from a large increase in the prices of raw materials, which have not been fully passed on to the consumer, in addition to the rise in energy prices and currency rates”.

Energy prices rose by as much as 78 percent after Egypt slashed energy subsidies in July 2014.

Juhayna also noted that a nationwide shortage of dollars had made it difficult to secure imports.

Sales rose to 3.7 billion pounds from 3.3 billion, it said.