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Wednesday, 9 June 2021

Juhayna issues earnings release based on unaudited financials

EARNINGS WATCH- Juhayna’s (JUFO) net income rose 50% y-o-y to EGP 57 mn in 4Q2020, up from EGP 38 mn in the same period a year earlier, according to unaudited financials (pdf) the dairy giant released this week. Revenues for the quarter increased 4% to EGP 1.92 bn, fuelled by a 20% rise in yoghurt sales.

Juhayna already came out with a snapshot of its earnings earlier this week, announcing that it had made EGP 440 mn in net income in 2020, up 34% on the year before, despite revenues remaining little changed. Juhayna ran afoul of the EGX after it failed to publish its full-year financials on time, being placed on the EGX’s D-List last month until it produces the figures. A company representative told Enterprise that its auditors have held up the process, suggesting that it could submit its accounts to the EGX in a matter of weeks.

Looking ahead, the company will prioritize rolling out innovative, high-margin products and launched a branded Greek yoghurt in 1Q2021 to capitalize on the “the growing popularity” of this new segment, it added. In the past year, JUFO was able to maintain market leadership in milk, as well as grow its share in the plain yoghurt, juice, and flavored milk segments.

ELSEWHERE- Transport player EgyTrans’ unaudited consolidated bottom line nosedived 98% to EGP 72k in 1Q2021, down from EGP 3.7 mn in the same quarter last year, due to an increase in general and administrative expenses, the company said in two separate EGX filings (here and here — pdfs). The drop in net income came despite a 6.3% increase in revenues to EGP 57.2 mn. EgyTrans is currently the subject of a takeover bid by HA Utilities.

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