Cairo – Mubasher: Juhayna Food Industries Company announced that it was continuing with its existing plans, including investing an estimated EGP 400 million in 2017.
The company also said it was looking to increase its sales in 2017 by around 30% to 40%, noting that it was confident in the recovery of the Egyptian market and purchasing power, it added in its statement to the Egyptian Exchange (EGX) on Thursday.
In February, Juhayna’s CEO said his company will reduce its investments during 2017 as a result of economic stagnancy and lower purchasing power.
In 2016, the food and beverage producer invested EGP 450 million, whereas it had expected to invest EGP 500 million that year.
The company wants to replace imported raw materials with national production to reduce dependence on foreign currencies, according to the statement.
Juhayna’s profits declined 80.8% to EGP 53.65 million in 2016 from EGP 279.93 million the year before.
By 12:07pm Cairo time, the company’s stock reached EGP 8.15, rising 0.87% on the EGX.
