Egypt’s Juhayna Food Industries announced on Wednesday that its net profits rose to 216.9 million Egyptian pounds ($7.01 million) in the second quarter of 2023.
The profits went up 25 percent from 174.5 million pounds a year ago. The company’s net sales climbed by 35 percent year-on-year (YoY) to reach 3.73 billion pounds.
Debt increased to 1.06 billion pounds by the end of the second quarter from 677 million pounds the year before.
Juhayna issued 223 million pounds for capital expenditure in the first half of 2023.
Exports soared by 374 percent YoY, which accounts for around 10 percent of the company’s total revenues for Q2-23.
It also accounts for almost nine percent in H1 2023. The company also recorded high finance costs and a net forex loss of 35 million pounds in the H1 of 2023.
