Egyptian tycoon Safwan Thabet’s profit moves to $10.12 million in Q1 2024

Oluwatosin Racheal Alabi -

Key points:

  • In the first quarter of 2024, Juhayna’s consolidated net profit after tax increased significantly to EGP 478.74 million ($10.12 million), compared to EGP 339.41 million ($7.15 million) in Q1 2023
  • Safwan Thabet, who holds a 50.07-percent stake in Juhayna through Pharon Investments Limited, has been instrumental in setting new industry benchmarks.
  • Juhayna’s earnings per share (EPS) for the first quarter of 2024 increased to EGP 0.51 ($0.01) from EGP 0.36 ($0.01) in Q1 2023.

Juhayna Food Industries, a leading Egyptian dairy, juice, and cooking product manufacturer led by prominent businessman Safwan Thabet and his family, delivered a robust financial performance in the first quarter of 2024, with its consolidated net profit of  EGP 478.74 million ($10.12 million). This solidifies its position as a leader in the fast-moving consumer goods industry within the region.

According to the group’s Q1 2024 financial statement, Juhayna’s consolidated net profit after tax rose to EGP 478.74 million ($10.12 million), compared to EGP 339.41 million ($7.15 million) in Q1 2023. This represents an impressive 41-percent increase, reflecting the company’s strong market presence and strategic growth initiatives. Net sales also saw significant growth, jumping to EGP 5.75 billion ($121.98 million) in Q1 2024 from EGP 3.42 billion ($72.51 million) in the same period the previous year, according to the interim financial results.

The earnings per share (EPS) for the three-month period that ended on March 31, 2024, hit EGP 0.51, up from EGP 0.36 in the comparative period of 2023. This upward trend in EPS highlights Juhayna’s standout operational strategies and robust financial health.

However, the company’s standalone results for the January-March period showed a net loss after tax of EGP 1.21 million ($0.0255 million), a slight improvement from EGP 1.32 million ($0.028 million) In the equivalent period a year earlier.

According to a report by Billionaires.Africaooking, Juhayna food industries recorded a consolidated net profit of EGP 1.21 billion ($25.5 million) in 2023, a substantial surge from EGP 638 million ($13.47 million) in 2022. This remarkable performance underscores the company’s ability to adapt and thrive in a dynamic market environment.

Founded nearly 38 years ago by Thabet, Juhayna is a homegrown success story. Thabet, a leading businessman in North Africa’s consumer goods industry, holds a 50.07-percent stake in the company through Pharon Investments Limited. Under his leadership, Juhayna has set new industry benchmarks, solidifying its position as a leading player in the Egyptian market and beyond.