Food producers expect positive performance during the current year, despite the high inflation and interest rates, but the food sector is always defensive in crises. In spite of the unfavourable conditions, food companies have succeeded in recording significant growth rates over the past year with expectations of continued positive performance during the current year. William told Daily News Egypt that the rise in interest rates affected the expansions of food companies in light of the high cost of borrowing for companies that want to expand, especially those companies that rely on bank financing in the expansion process. The total sales of Juhayna Food Industries increased by 29% during 2022, to record EGP 11.36bn, compared to EGP 8.8bn during the previous year. The company’s sales grew during the previous year by about 55.3%, to record about EGP 5.217bn, compared to EGP 3.36bn in 2021.

Source: Daily News Egypt May 23, 2023 06:35 UTC