Juhayna Food Industries (JUFO) Q4 2024 earnings summary

Executive summary

• FY24 revenue rose 56% to EGP 24.3bn; net profit after tax increased 168% to EGP 2.735bn, with an 11.3% net margin.

• Export growth, core-segment performance and concentrates profitability supported results; 4Q24 EBITDA margin declined amid seasonality and higher SG&A.

Financial highlights

• FY24 gross profit was EGP 7.390bn, up 105%; EBITDA rose 127% to EGP 5.043bn.

• 4Q24 revenue grew 37% YoY to EGP 5.969bn; gross profit rose 38% to EGP 1.528bn and net profit increased 109% to EGP 298mn.

• FY24 net operating cash flow was L.E 2.27bn; year-end cash and cash equivalents were L.E 1.81bn versus L.E 1.09bn.

• FY24 net finance cost was L.E 596.4m, including a L.E 522.1m loss on listed shares measured at fair value through profit or loss.

Segment performance

• FY24 dairy revenue rose 38% to EGP 11.644bn; fermented revenue increased 58% to EGP 4.822bn and juice revenue grew 67% to EGP 4.526bn.

• Concentrates & Agri revenue rose 205% to EGP 3.152bn; third-party distribution revenue fell 45% to EGP 159mn.

• Product-category revenue was L.E 11.64bn for dairy, L.E 4.82bn for refrigeration, L.E 4.53bn for juices, L.E 2.99bn for concentrates and L.E 318.2m for distribution to others.

• FY24 market shares: plain milk 62% (+1 ppt YoY), juice 30% (+2 ppts), spoonable yogurt 30%, drinkable yogurt 52% (-4 ppts) and flavored milk 45% (-2 ppts).