Egypt’s Juhayna H1 net more than triples
Net profit 100.4 mln Egyptian pounds.
August 10, 2010 1:06 by Reuters
Dairy and juice maker Juhayna Food Industries, which debuted on Egypt’s stock exchange in June, more than tripled first-half net profit, the exchange said on Tuesday.
The firm, which carried out Egypt’s first initial public offering since 2008, made profit of 100.4 million Egyptian pounds ($17.71 million), up from 29.1 million pounds the previous year, the bourse said.
The firm’s Chief Executive Safwan Thabet said in June that the company was targeting net profit of 225 million pounds in 2010, compared with 185 million last year. Juhayna makes milk and dairy products and juices, with export markets across Africa and the Middle East. Its clients include McDonald’s Corp.
Shares in the firm were up 1.5 percent by 0752 GMT, while the main index was little changed.
(Reporting by Alexander Dziadosz; Editing by Erica Billingham)