Baladna, the Qatari food industries company, has raised its stake in Juhayna Food Industries to 15.03%.
Baladna bought 600,000 shares of Juhayna, with a total value of EGP 7.4m
Baladna said:“Our investment decisions are based on a careful analysis of the market that we seek to enter, and the Egyptian market, with a population of more than 100 million people, is a large and promising market for the food and beverage sector.”
It continued:“Juhayna being a leading company in the market, it is expected to achieve greater returns in light of the expected market growth and the availability of a strong distribution network.”
This comes at a time when Baladna continues to increase its stake in Juhayna, which amounted to 12.6% in January 2023.
Juhayna Food Industries targets long-term investments worth EGP 400m, of which EGP 93m has already been pumped, which focuses mainly on manufacturing and distribution.
The company’s consolidated net profits increased by 135% to reach EGP 339.4m during the first quarter of this year, compared to EGP 144.4m in the comparative quarter of last year.
Net sales rose to EGP 3.4bn during the period January-March 2023, compared to EGP 2.4bn in the corresponding period.