Juhayna reports 39% hike in Q1 profits in dairy, yoghurt segment
Juhayna Food Industries, a leading Egyptian dairy, yoghurt, and juice manufacturer, announced on Monday its consolidated results for the first quarter (Q1) of 2018,reporting a 21% year-over-year rise in total consolidated revenue to EGP 1.53bn.
Net profit reached EGP 81m during the first quarter of 2018, an increase of 39% compared to Q1 2017. Also, the net profit margin increased to 5.2% compared to last year’s 4.5%.
The highest contributors to the top line are the dairy and yoghurt segments, representing 51% and 20% of revenues in Q1 2018.
Drawn from the fact that Juhayna operates in a highly competitive environment, its management believes that it is in the best interest of shareholders to suspend disclosure of detailed segment analysis information.
Juhayna reached EGP 1.553bn in revenue,with a growth of 21%,in 2017 and a net profit of EGP 81m in Q1 2018 with a growth of 39%.
In Q1 2017, the company saw improvement in net profit margins due to a decrease in debts and costs of debts, in addition to the enhancement in purchasing power and the effect of the measures the company has taken.
“We are confident that Juhayna will achieve its future objectives to create shareholder value,” the company said in a statement.
Egypt’s pioneering dairy producer is focusing on the African market due to the huge increase in Egyptian exports to the continent’s major markets last year, he highlighted, noting that exports soared by 200% yearover-year to $7.3bn.
Given that, Juhayna had posted a EGP 297.7m in profit in 2017, compared to EGP 53.6m a year earlier.
At the level of standalone profits, the Egyptian dairy products firm turned profitable in Q1 2018 with EGP 88.19m in profit, against a loss of EGP 5.9m in Q1 2017.