Home » Stake of Egyptian businessman Safwan Thabet in Juhayna Food Industries gains $44.42 million

Stake of Egyptian businessman Safwan Thabet in Juhayna Food Industries gains $44.42 million

by Omokolade Ajayi

The stake of Egyptian businessman Safwan Thabet in Juhayna Food Industries has gained $44.42 million (EGP697.57 million) in 45 days on the back of a surge in the share price of the food and beverage company on the Egyptian Stock Exchange.

As of press time, 1:40 PM (UTC), July 16, shares in the Egypt-based company were trading at $0.3528 (EGP5.54) per share, or seven-percent lower than its opening price for the year.

Juhayna’s shares have been on the rise since June 1, as bargain hunters acquire shares following a sell-off lasting from February through May. This saw its shares lose nearly half their value after the detention of Thabet’s son, Seifeldin Thabet, spiked a bearish sentiment. Media reported that Seifeldin was detained on allegations of terrorism financing.

Juhayna Food Industries is a leading company specializing in producing, processing and packaging dairy, juice and cooking products.

The company operates in five business segments in the food-processing industry and agro-allied segment, including milk, chilled products, juices, concentrates and agriculture.

Its impressive financial performance in 2020 led bargain hunters and value investors to acquire shares, leading to a 36-percent surge in its share price in 45 days.

The food manufacturer revealed in its 2020 financial report that despite a marginal 100-basis-point increase in net revenue, it recorded 34-percent growth in net profits to $28 million (EGP440 million) on the back of a 3.2-percentage increase in gross profit margins. It attributed this gain to efficient cost control and the appreciation of its local currency.

Thabet owns a majority stake of 50.07 percent in the company through Pharon Investments Limited.

Research conducted by Billionaires Africa revealed that his stake has increased by $44.42 million (EGP697.57 million) in 45 days.

Between June 1 and July 16, the market value of his shares has increased from $121.85 million (N1.91 billion) to $166.26 million (N2.61 billion).

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.