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Leading Egyptian dairy producer Juhayna Food Industries saw its net profits for the first quarter of 2012 drop 14 per cent to LE43 million ($7.1m), the firm announced at the weekend. The dairy products and juices maker reported profits of LE50 million ($8.27m) for the opening three months of last year.
Juhayna saw its net profits dip to LE186 million in 2011, 18.4 per cent lower than the year before. Analysts attributed the fall to Egypt's economic downturn and waning consumer demand. In early March 2012, Juhanya unveiled plans for LE750 million worth of additional investments to boost its production capabilities, including a new yoghurt plant, dairy farm and six new distribution centres. Shares in the food producer were trading up 0.23 per cent on Egypt's stock exchange just after midday.
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