Egypt’s Juhayna Food profit rises 25% in Q2 despite surge in debt

Egypt’s Juhayna Food profit rises 25% in Q2 despite surge in debt

Egypt’s Juhayna Food Industries said net profit rose to EGP 216.9 million ($7.01 million) in the second quarter of 2023, up 25% from EGP 174.5 million a year ago.

Net sales jumped 35% year-on-year (YoY) to EGP 3.73 billion.

On the other hand, debt increased to EGP 1.06 billion by the end of the second quarter from EGP 677 million a year ago.

The food producer allocated EGP 223 million towards capital expenditure in H1 2023.

Exports grew by 374 percent YoY, accounting for 10% of the company’s total revenues for Q2 2023 and 9% in H1 2023, despite increased finance costs and a net forex loss of EGP 35 million in the first six months.

Juhayna has four fully operational facilities and a network of distribution centers serving more than 136,000 retail outlets nationwide. It has a 500-fedan, fully-owned dairy farm that covers a sizeable portion of the company’s raw milk needs.

(Editing by Seban Scaria [email protected])

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