Egyptian tycoon Safwan Thabet’s Juhayna records $30-million profit in H1 2024

Omokolade Ajayi -

Key Points:

  • Juhayna Food Industries’ profits surged 166% in H1 2024, reaching $30 million, driven by a 69% increase in revenue.
  • Revenue surged 69 percent, reaching a record EGP11.47 billion ($232.34 million) in the first half of 2024.
  • Safwan Thabet’s leadership and focus on branded snack products have solidified Juhayna’s position in the North African food industry.

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 $30 million in the first half of its 2024 fiscal year.

The company’s recently released financial results reveal a substantial profit increase of 166 percent, soaring from EGP 556.43 million ($11.27 million) in the first half of 2023 to EGP1.48 billion ($29.98 million) in the same period of 2024.

Juhayna’s revenue surges by 69 percent

This surge in profits is directly attributed to a 69-percent uptick in revenue, rising from EGP6.8 billion ($137.75 million) in the first six-month period of 2023 to EGP11.47 billion ($232.34 million) in the corresponding period of 2024.

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 four decades ago by Safwan Thabet, Juhayna is a homegrown company investing in dairy, juice, and cooking products. Thabet, a top North African businessman in consumer goods, holds a 50.07 percent stake through Pharon Investments Limited.

The group’s impressive financial performance is reflected in its earnings per share (EPS), which rose to EGP1.57 ($0.032) in the first six months of 2024 from EGP0.59 ($0.012) in the same period of 2023. Furthermore, the company’s total assets reached EGP11.65 billion ($235.99 million) as of 30 June 2024.

Juhayna’s exceptional financial half-year 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.