Price hikes drive Juhayna’s topline up: Dairy giant Juhayna saw its net income jump 41% y-o-y during 1Q 2024 to EGP 479 mn, according to its latest earnings release (pdf). Revenues saw a 68% y-o-y increase during the quarter to EGP 5.8 bn, driven by price increases totalling 40% over the course of 2023 and 20% in 1Q 2024.

Growth across various segments helped cushion investment losses of EGP 522 mn during the quarter. Dairy sales were the biggest contributor to the company’s topline, accounting for 44%. They were followed by fermented (28%), juice (15%), and concentrates (13%) sales. A 140% y-o-y jump in export sales also helped.

High demand for cheaper products: “Volatile economic landscape in Egypt and the unavailability of FX in the beginning of 2024, led to a consumer shift towards lower-priced products,” the company said, adding that it will be capitalizing on the trend with its diverse product range.

Looking ahead: “We are confident that the Egyptian market will continue to recover, and we are proud to have a strong brand and a longstanding relationship with the Egyptian consumer. We are looking forward to opening additional foreign markets and expanding Juhayna’s global footprint.”

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