Egypt-based Juhayna records 30% y-o-y increase in net profit to $27.23mln in 2020

Company’s revenues in the Q4 of 2020 amounted to $120.8mln

  
Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

Traders work at the Egyptian stock exchange in Cairo, November 19, 2014.

REUTERS/Mohamed Abd El Ghany

Juhayna Food Industries has announced its audited consolidated results for 2020, reporting revenues of EGP 7.6bn, with flat growth, as growth in the dairy and fermented segments was offset by the declines in juice, concentrates, and agriculture segments.

The company’s revenues in the fourth quarter (Q4) of 2020 amounted to EGP 1.9bn, recording top-line growth of 4%, led by a 20% increase in yoghurt sales.

In 2020, Juhayna’s net profit amounted to EGP 428m, realizing an increase of 30% despite a capital loss of EGP 35m due to the sale of unutilized agricultural assets and reduction of agricultural land, with net profit margin increasing by 1.3% to reach 5.6%.

Moreover, the company’s net profit in Q4 of 2020 reached EGP 45m, growing by 19%.

Mohamed Al Dogheim, Chairperson of Juhayna, commented that Juhayna delivers stable revenue and improving profitability despite the challenges posed by COVID-19.

Last year was an incredibly challenging period for businesses all over the world as the outbreak of COVID-19 and the roll out of restrictive measures to curb its spread impacted all aspects of companies’ operations. Despite these obstacles, Juhayna’s diversified product portfolio, flexible business model and prompt response to the crisis, saw the company deliver revenues of EGP 7.6bn for the year, largely unchanged from last year.

He added that Looking ahead, management is confident that the strong fundamentals underpinning Juhayna’s market coupled with the steady recovery in demand witnessed across the company’s full product roster will help drive a return to its historic growth trajectory in the coming year.

“Throughout the year, Juhayna’s unmatched ability to swiftly respond to changing market dynamics helped it maintain its market share, and in multiple cases grow it, across key product segments. More specifically, throughout 2020 Juhayna successfully maintained its market leadership in the milk segment, and grew its market share in the plain yogurt, juice, and flavoured milk sub-segments. This is particularly impressive when considering the growing competition the company has been facing across its portfolio in recent years.” Al Dogheim stated.

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