Egyptian tycoon Safwan Thabet’s Juhayna posts $28 million in profit in 9M 2023

Yusuf Abdulfatai -

Juhayna Food Industries, a prominent Egyptian dairy, juice, and cooking product manufacturer under the leadership of Safwan Thabet, has exceeded investor expectations with a remarkable surge in profits, reaching over $28 million in the first nine months of its 2023 fiscal year.

The company’s recently released financial results reveal a substantial profit increase of 85.4 percent, soaring from EGP474.08 million ($15.3 million) in the first nine months of 2022 to EGP878.93 million ($28.4 million) in the same period of 2023.

Revenue skyrockets, reflecting stabilization of Egyptian economy

This surge in profits is directly attributed to a significant uptick in revenue, rising from EGP8.16 billion ($264.1 million) in the nine-month period of 2022 to EGP11.65 billion ($377.04 million) in the corresponding period of 2023.

Juhayna’s growing importance in the North African food industry is evident, supported by the ongoing stabilization of the Egyptian economy, driving heightened demand for the company’s diverse range of branded snack products.

Safwan Thabet’s strategic leadership propels growth

Founded nearly 38 years ago by Thabet, Juhayna is a homegrown company with investments spanning the production, processing, and packaging of dairy, juice, and cooking products. Thabet, one of North Africa’s leading businessmen in the consumer goods industry, holds a majority 50.07 percent stake in the company through Pharon Investments Limited.

The group’s impressive financial performance is reflected in its earnings per share (EPS), which rose to EGP0.93 ($0.03) in 9M 2022 from EGP0.5 ($0.016) in 9M 2023. Furthermore, the company’s total assets reached EGP7.72 billion ($249.8 million) as of September 30, 2023, compared to EGP6.36 billion ($205.8 million) at the end of December 2022.

Juhayna’s exceptional financial results underscore its growing significance in the North African food industry, positioning the company for sustained success in the coming years. Investors and industry analysts watch closely as the company thrives in a dynamic economic landscape.