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Juhayna rakes in EGP 2.4 billion in profits in 9M2024
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Juhayna Food Industries raised its net income 177% YoY in 9M 2024, bringing in EGP 2.438 billion, according to its latest earnings release. The company attributes its success to successful product launches in the dairy, juice and fermented segments. |
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Revenues:
The local food production giant hiked its revenues 64% YoY to EGP 18.334 billion on the back of a double-digit volume increase in the juice segment, along with exceptional performance of Juhayna’s exports.
On a Q3 basis:
The company saw its top line grow 57% YoY to EGP 6.864 billion during the third quarter of the year, and raised its net income 197% YoY to EGP 958 million. Meanwhile, the company’s net debt rose 941% YTD to EGP 1.99 billion.
Exports:
The company saw a significant rise in export revenues across Concentrates, Dairy, Fermented and Juice categories, achieving a growth rate of 308% in 3Q24 and 223% in 9M24, reaching EGP 1.082 billion and EGP 3.010 billion , respectively.
Export sales now contribute 15.8% of the company’s total revenues for 3Q24 and 16.4% for 9M24, a significant increase from 6.0% in 3Q23 and 8.3% in 9M 2023.
Ambitious plans ahead:
Juhayna plans to inject EGP 309 million in 2024 as part of its strategy to expand into new markets in Africa in the upcoming period. Juhayna currently exports to approximately 62 countries. |
Talaat Moustafa more than triples its profits in 9M
Talaat Moustafa Group reported a 236% YoY rise in net income during the nine months ending in September to EGP 9.06 billion driven by triple-digit increases in hospitality income following the acquisition of a 51% stake in Legacy Hotels. |
Revenues:
Its revenues are up 52% YoY to EGP 27.95 billion on the back of a 190% YoY growth in its hospitality operations. Other recurring income lines (malls, sporting clubs, utilities, and contracting) as well as the development sector grew by 87% and 19% respectively.
Sales backlog:
The backlog of recorded and yet undelivered sales totaled EGP 270 billion during the period compared to EGP 123 billion in the same period of 2023. The backlog represents some 37,000 residential and non-residential units to be delivered in the next five years.
Remember:
The company raked in EGP 470 billion in sales during 2024 – a volume equivalent to the “total sales of the 9 largest real estate companies in the Egyptian market,” the company’s CEO said.
Earlier in August, TMGH said 2024 sales would drive its pre-tax profits by about EGP 45 billion over the next four to five years. It also added they would add significant foreign currency inflows to its coffers.
What’s next:
The company plans to add 1500 hotel rooms to its hotel business in Egypt, which is expected to drive the total to 5000. Its local hotel operations are expected to generate over USD 300 million in aggregate revenues, it said.
The firm’s CEO also said TMGH is also planning to expand its operations in Iraq as part of its target to increase revenues generated overseas. |
Fawry saw a 116.7% increase in net income to EGP 1.205 billion during the first nine months of the year, and its revenues also grew by 65.9% YoY to EGP 3.8 billion. |
A historic Q3:
Net profit witnessed a growth of 134.8% YoY, with a 7.6% increase in the profit margin to reach 30.9%, which is the highest level recorded since the company’s foundation. This came despite major economic challenges – including high inflation rates, interest rates, and supply chain hurdles, the company’s CEO said.
He also notes that on a Q3 basis the operating profit margin before interest, taxes, depreciation and amortization reached 51.9%, the highest recording yet.
Growth drivers:
Fawry’s banking services division continued to drive growth, with earnings increasing by 101.1% YoY to reach EGP 662 million in the third quarter of 2024. The alternative digital payments sector came in second place with a nearly 37.9% YoY hike to EGP 482 million.
Remember, the company is planning a GCC expansion:
Following a previous delay in plans due to uncertainties in exchange rates, Fawry has restarted negotiations with foreign exchange bureaus in the Gulf region to provide remittance services to Egyptian expatriates. This comes as remittances are forecast to increase 10% annually to reach USD 53 billion by 2030. |
Telecom Egypt (ETEL) recorded a 5.6% YoY fall in net income during the first nine months of 2024, accumulating EGP 8.6 billion . The decline was driven by higher net financing costs caused by the devaluation of the EGP and higher interest rates during 9M. |
Revenues:
The local telecom giant reported a 39.3% YoY surge in revenues to EGP 58.4 billion due to a 46% YoY increase in Data revenues, which accounted for 45% of total revenue growth.
Remember, it just signed a major deal:
Earlier this month, ETEL signed agreements worth EGP 30 billion with Vodafone Egypt to enhance the latter’s infrastructure and enable it to offer 5G services.
In other company news:
ETEL topped the list of highest-selling companies in the telecommunications sector with a share of 35.45% in the first nine months of 2024. |
Raya Holding recorded a 160% YoY surge in net income during the nine months ending in September to EGP 1.27 billion. |
Revenues:
The company’s revenues rose to EGP 32.3 billion compared to EGP 22.6 billion during the same period last year. Remember, an expansion is in the works:
London-based, Africa-focused private investment firm Helios Investment Partners — which last month submitted a binding offer to purchase up to 49% of Raya Holding’s fully-owned subsidiary “Raya Foods” for USD 40 million — is expected to complete the deal at the start of next year.
Raya Holding will channel a portion of the financing from the sale to increase its subsidiary’s production capacity.
The company will also earmark a portion of the proceeds to fund expansion of another one of its subsidiaries, “Aman Consumer Finance”. |
Palm Hills Developments – the second largest real estate developer on the EGX — recorded a 126% YoY rise in net income during 9M 2024 to EGP 2.35 billion. |
Revenues:
The company’s revenues rose 59.2% YoY during the nine months to EGP 17.96 billion Big plans ahead:
For 2025, the company has allocated EGP 10 billion for the construction of schools and EGP 6 billion for the establishment of two new universities. |
What else is clapping?
- Dice Sports and Casual Wear’s standalone earnings disclosure showed a 188% YoY increase in net profit during 9M to EGP 760.79 million. Its revenues rose 84.4% YoY during the period to EGP 4.04 billion.
- During the first nine months of the year, MM Group for Industry and International Trade saw a 65% YoY rise in net income to EGP 782 million.Its revenues increased by 34.9% YoY to EGP 10.8 billion.
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