Egypt’s food company Juhayna profits fall 18.6% in 9 months

Egypt’s Juhayna Food Industries’ profits dropped 18.6 percent during the first nine months of this year, recording 291 million Egyptian pounds ($18 million), according to Egypt Today on Sunday.

Earlier, profits recorded 357.5 million pounds during the first nine months of 2018.

The company’s sales rose to 5.7 billion pounds during January-September 2019 period from 5.4 billion in the same period last year.

During the third quarter of 2019, Juhayna recorded consolidated profits of 111.3 million pounds, compared with 119.5 million pounds during the same period in 2018.

As for standalone profits, they also climbed to 126.3 million pounds during the nine months of 2019 versus 74.59 million in the same period in 2018.

The company recorded consolidated profits of 108.89 million pounds during the second half of 2019, compared to 158.5 million pounds during the same quarter of 2018.

During the second half of 2019, Juhayna recorded consolidated profits of 179.64 million pounds against 238.42 million pounds during the same period of 2018.

In 2018, Juhayna recorded profits of 408.24 million pounds, compared with 197.7 million pounds in 2017.

Juhayna was established in 1995 and joined the Egyptian Exchange (EGX) in May 2010. It operates within the food, beverage and tobacco sector, focusing on packaged foods with six subsidiaries operating across Egypt.