Juhayna maintains ‘buy’ rating from Renaissance Capital
Juhayna logo
By

CAIRO: Dairy producer Juhayna industries has a “buy” rating from Renaissance Capital, adding that revenue and profits in the third quarter grew by 13 and 61 percent, respectively, the company stated Monday.

The company “appears to have made a full recovery operationally,” Renaissance Capital stated, adding that the company is “immune to the upcoming VAT [value added tax] hikes.”

The company “appears to have made a full recovery operationally,” Renaissance Capital stated, adding that the company is “immune to the upcoming VAT [value added tax] hikes.”

Dairy products and yogurts are excpet from the upcoming VAT hikes, which are expected to come in to force in the next weeks.

Dairy products and yogurts are excpet from the upcoming VAT hikes, which are expected to come in to force in the next weeks.

In August, a committee ordered the freeze of assets owned by the chairman of Juhayna Food Industries Safwan Thabet for alleged ties to the Muslim Brotherhood group.

The decision excluded the assets of Juhayna, as it is a joint stock company, according to the head of the committee.

The Egyptian-listed Juhayna signed in July a strategic partnership agreement with Denmark’s Arla Foods to form a joint venture, in which Juhayna owns 51 percent, and Arla Foods owns the remaining 49 percent.

Recommend to friends

Leave a comment