Cairo – Mubasher: Pharos Research has maintained “Overweight” recommendation on Juhayna Food Industries at a fair value (FV) of EGP 14.42 per share.
Earlier this morning, Juhayna has reported a 38.5% year-on-year rise in consolidated profits for the first quarter of 2018.
Meanwhile, Sales grew to EGP 1.5 billion during the three-month period ended last March, up from EGP 1.28 billion in the prior-year period.
Revenues were driven mainly by sales volume and the slight increase in its products in February, according to a recent report by Pharos Research on Monday.
The Egypt-listed company’s profitability is expected to improve in 2018 by recent interest rate cuts and the continuous monetary easing, the research firm noted.
It is worth noting that Juhayna has recorded a net profit of EGP 80.72 million in Q1-18, versus EGP 58.25 million in Q1-17, including minority shareholders’ rights.
The Egyptian dairy products firm’s net profit for the full-year 2017 surged on the back of declining selling, general, and administrative expenses (SG&A) and financing expenses, the report highlighted.
Juhayna had previously posted a 268% year-on-year hike in consolidated profits for 2017, recording a net profit of EGP 197.7 million, up from EGP 53.6 million a year earlier.
