Egypt’s Dollar crisis behind the 34% fall in profits: Juhayna’s Thabet

Egypt’s dollar crisis is the reason behind Juhayna Food Industries SAE’s decline in net profits, its chairman told Reuters on Thursday.

Juhayna on Thursday reported a drop in net profit of about 34 percent, to 58.19 million Egyptian pounds ($6.55 million) from 88.23 million a year earlier.

Chairman Safwan Thabet said the company had begun work on reducing the proportion of imported raw materials it uses to 50 percent from 60 percent over the next year.

Source: Reuters