Juhayna Food Industries (JUFO) Q3 2024 earnings summary

Executive summary

• 9M24 revenue rose 64% YoY to EGP 18.334bn and net profit increased 177% to EGP 2.438bn, supported by exports, concentrates and higher juice volumes.

• Q3 revenue grew 57% YoY to EGP 6.864bn; net profit rose 197% to EGP 958m.

Financial highlights

• 9M gross profit increased 134% YoY to EGP 5.862bn; operating income reached EGP 4.175bn versus EGP 1.320bn.

• 9M EBITDA grew 181% to EGP 4.423bn; Q3 gross profit rose 117% to EGP 2.035bn and EBITDA rose 162% to EGP 1.510bn.

• 9M profit before tax was EGP 3.203bn versus EGP 1.128bn; income tax expense was EGP 765m versus EGP 249m.

• Net finance costs widened to EGP 450m from EGP 178m, including an EGP 522m fair-value loss on listed shares.

• Operating cash flow after income tax was EGP 947m versus EGP 1.061bn in 9M23.

Outlook and guidance

• Management expects continued recovery in Egypt and aims to enter more foreign markets, expand its global footprint, and strengthen farming, manufacturing and distribution capabilities.

• Capital commitments for fixed-asset acquisition and construction totaled EGP 265.7m at 30 September 2024.