Juhayna Food Industries, the Egyptian dairy-to-juice group, booked lower third-quarter profits as higher input costs offset sales gains in the third quarter.
The company reported an 18% drop in EBIT, which fell to EGP112m (US$15.7m) during the three months to 30 September. Net earnings were down 48% to EGP13m.
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Juhayna attributed its lower profits to “a nearly 23% surge in cost of goods sold” due to rising raw material prices and increased finance expenses.
Sales were up 15% to EGP1bn. Growth was supported by strong expansion in its dairy business which gained 26% in value terms and saw 12% volume growth.
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