Juhayna Food Industries reported a 24.65% year-on-year profit drop during the first half of 2019.
Net profits plunged to EGP 179.64 million in the six-month period ended 30 June, compared to EGP 238.42 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.
Year-on-year, cost of sales rose by 7.17% to EGP 2.597 billion in the January-June period of 2019 from EGP 2.424 billion.
As for standalone business, the Egyptian food producer’s profits hiked by 60.56% to EGP 130.44 million, compared to EGP 81.24 million in the corresponding period a year earlier.
During the first quarter of 2019, Juhayna’s profits declined to EGP 71.61 million from EGP 80.72 million in Q1-18, including minority shareholders’ rights.
Sales grew to EGP 1.7 billion in the three-month period ended 31 March, compared EGP 1.55 billion in the corresponding period a year earlier.