Juhayna boosts market position with EGP 561M investments in 2023
Updated 5/12/2024 4:17:00 AM
Arab Finance: Juhayna Food Industries strengthened its leading position in food industries through investments totaling EGP 561 million in 2023, as per an emailed press release.
These investments were allocated for manufacturing, distribution, and livestock last year, contributing to expanding the company's market presence in line with Juhayna's strategy.
The company has been able to increase its export sales by 137% year on year to EGP 1.171 billion in 2023, in order to support the state’s plan to boost Egyptian exports to $100 billion, CEO and Vice Chairman Seif Thabet noted.
Thabet underscored this as a testament to the company's efforts in opening new markets and expanding its presence in several countries to elevate Egyptian exports.
Moreover, he highlighted the company's achievement in reducing its net debt by 71% to EGP 192 million from EGP 637 million at the end of the fourth quarter (Q4) of 2023.
The company managed to boost its inventory by 61% by the end of Q4 2023, Thabet added.
He also mentioned that Juhayna’s dairy sector maintained its market share despite the decline in overall consumption due to inflation.
This prompted the company to streamline consumption by reducing dairy product prices while maintaining the same quality to meet the demands of Egyptian consumers, aligning with Juhayna's strategy, Thabet said.
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