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Juhayna Food Industries Q2 profit climbs YOY

Juhayna Food Industries SAE said its normalized net income for the second quarter amounted to 7 Egyptian piastres per share, compared with the S&P Capital IQ consensus estimate of 8 piastres per share.

EPS increased year over year from 3 piastres.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 66.2 million pounds, an increase from 27.8 million pounds in the year-earlier period.

The normalized profit margin climbed to 6.0% from 2.9% in the year-earlier period.

Total revenue increased 15.9% year over year to 1.10 billion pounds from 950.0 million pounds, and total operating expenses increased 7.2% from the prior-year period to 942.7 million pounds from 879.4 million pounds.

Reported net income grew 63.8% year over year to 65.2 million pounds, or 7 piastres per share, from 39.8 million pounds, or 4 piastres per share.

As of July 15, US$1 was equivalent to 7.83 Egyptian pounds.