Cairo – Mubasher: Juhayna
Food Industries posted a 19% year-on-year profit decline during 2019, the company’s consolidated financial statements showed.
Net profits fell to EGP 328.76 million during the 12-month period ended 31 December 2019, compared to EGP 406.09 million a year earlier, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
In the meantime, sales surged to EGP 7.63 billion last year from EGP 7.12 billion in 2018.
As for standalone business, Juhayna logged EGP 367.88 million in net profits in 2019, compared to EGP 301.73 million in the prior year.
In addition, the company’s board of directors proposed a cash dividend distribution of EGP 0.20 per share for 2019’s earnings.
It is worth mentioning that during the first nine months of 2019, the Egyptian firm’s net profits fell to EGP 291 million from EGP 357.5 million in the year-ago period, including minority shareholders’ rights.
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