Egypt’s Juhayna H1 net more than triples

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Dairy and juice maker Juhayna Food Industries, which debuted on Egypt’s stock exchange in June, more than tripled first-half net profit, the exchange said on Tuesday.

The firm, which carried out Egypt’s first initial public offering since 2008, made profit of LE 100.4 million ($17.71 million), up from LE 29.1 million the previous year, the bourse said.

The firm’s Chief Executive Safwan Thabet said in June that the company was targeting net profit of LE 225 million in 2010, compared with 185 million last year.

Juhayna makes milk and dairy products and juices, with export markets across Africa and the Middle East. Its clients include McDonald’s Corp.

Shares in the firm were up 1.5 percent by 0752 GMT, while the main index was little changed.


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By Reuters
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