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Monday, 7 June 2021

JUFO signals to the market that its financials are sound

Juhayna Food Industries (JUFO) has released a snapshot of its unaudited FY2020 earnings (pdf) in a move likely meant to reassure investors and express confidence in their numbers. The move comes after the company was placed on the EGX’ ‘D-list’ of non-compliant companies last week for failing to report their FY2020 by 1 June, catching the market off guard.

What’s holding up the audited financials? In a nutshell, the auditor. The company has two auditors: KPMG and Grant Thornton. One is more or less finished with its review and the other has asked for a final two-week extension, which would take us until mid-June, Investor Relations Director Khaled Daader told us last week.

All should be good once the auditors sign off: Once the auditors sign off on the deadline, JUFO would then go before an EGX committee that meets each week and be bumped back to the “A” list, Daader had said.

How much did JUFO make last year: The company’s consolidated bottom line grew 34% to EGP 440 mn in 2020, up from EGP 329 mn the previous year. Revenues were unchanged over 2019, staying put at a little over EGP 7.64 bn.

MORE EARNINGS TO WATCH OUT FOR-

MM Group posted a 22% y-o-y increase in its bottom line to EGP 130.24 mn in 1Q2021, up from EGP 106.64 mn in 1Q2020, the company said in its quarterly financials (pdf). The company’s sales also grew to EGP 2.5 bn in 1Q2021 from the EGP 2.2 bn recorded in the prior-year quarter

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