Juhayna Food Industries’ third quarter (Q3) net profits recorded EGP 58.19m, a 34% decline compared to the same period in fiscal year (FY) 2015/16 when profits registered EGP 88.23m. This comes despite a 10.9% increase in sales to record EGP 1.259bn, compared to EGP 1.135bn in the same period the previous fiscal year. As a result the dollar prices rose in the parallel market reaching EGP 15 in October, while the official price is still stable at 8.88. The huge gap between the official and parallel markets has only added on to the huge cost for importers currently. Juhayna, established in 1983, is Egypt’s largest producer of juice and dairy products with at least seven factories producing more than 200 products.

Source: Daily News Egypt October 20, 2016 11:48 UTC