Cairo – Mubasher: Juhayna Food Industries reported a 8.5% year-on-year rise in profits for the second quarter of 2017 due to higher expenses and increased cost of sales, according to a bourse filing.
The company achieved profits of EGP 27.28 million in the three months ended June, versus EGP 29.82 million in the corresponding period of 2016.
The sales of the Egyptian company rose to EGP 1.57 billion in Q2-17 from EGP 1.33 billion in Q2-16, while the cost of sales increased to EGP 1.13 billion from EGP 955.8 million.
Sales expenses and distribution, which lowered Juhayna’s profits, increased to EGP 262.6 million in Q2-17 from EGP 225.1 million in Q2-16.
In the first half of 2017, consolidated profits retreated 22.4% to EGP 85.5 million from EGP 110.2 million in H1-16, taking the minority rights into account.
The firm achieved a consolidated profit of EGP 58.25 million in the three months ended March 2017, taking the minority rights into account, against EGP 80.41 million in the same period of 2016.
Juhayna’s standalone profits soared 62% to EGP 75.6 million in the six months ended June 2017 from EGP 46.7 million in the same period last year.
