Egyptian juice and dairy manufacturer Juhayna Food Industries has reported a jump in nine-month profits on the back of higher liquid dairy and yoghurt sales.
For the first nine months of the year, Juhayna saw net income rise 60% to EGP219m (US$27m). Juhayna said the increase in net income came from a lower effective income tax rate.
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EBIT increased 80% to EGP471m and sales were 12% up year-on-year to EGP3.10bn.
"Our performance during the third quarter of 2015 once again confirms the soundness of the group’s strategy," said Safwan Thabet, Juhayna's chairman and CEO. "We remain committed to our expansion plans having spent some EGP219m during the nine-month period, directed primarily at our dairy farms – where the procured high-quality German Holstein cows have already started production — in addition to improving operational efficiency of the group’s commercial and industrial activities."
For the third quarter, net income rose 64% to EGP88m while EBIT grew 61% to EGP180m.
Revenues were 13% higher at EGP1.14bn.
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By GlobalDataEarlier this year, Arla announced it was entering into a joint venture agreement with Juhayna that would see its products fed into the firm's distribution network in Egypt. The new company, Arju Food Industries, was expected to start trading this month.
