Juhayna Food Industries announced its consolidated financial statements for the second quarter (Q2) of 2019, showing that the corporate's net profit recorded EGP 179.64m in the first half (H1) of 2019, down from EGP 238.419m during H1 of 2018, a decline of 24.6%. The company added that it achieved a net profit of EGP108m during Q2 of 2019. Meanwhile, it reported an 8% year-over-year (y-o-y) rise in total consolidated revenues recording EGP 3.751m in H1 of 2019, up from EGP 3.481m in H1 of 2018. During Q2 of 2019, the firm's consolidated revenues reached EGP 2.017m, witnessing an increase of 4.5%, compared to the same period in last year. "The highest contributors to the top line are the dairy and yogurt segments, representing 43% and 30% of revenues, respectively, in Q2 of 2019. As for H1 of 2019, dairy and yogurt also remained the highest contributor by 47% and 26%, respectively," according to Juhayna's press statement. The corporate achieved a gross profit margin of 30.7% in H1 of 2019, compared to 30.4% in H1 of 2018. "Juhayna was able to sustain its leadership in both dairy and juice market in Egypt. We were able to achieve EGP 2bn in sales, recording 4.5% revenue growth during Q2 of 2019, and leading Juhayna to realise a net profit of EGP 108m during the period. These results were achieved despite lower than expected market growth rates and purchasing power that have not yet recovered to their normal levels," according to Juhayna. "We will keep monitoring consumer buying behaviour, while innovation and product development remain to be the pillars of Juhayna's strategy to maintain its leadership across all product categories," Juhayna assured in its statement.
