Egypt’s Juhayna sees drop in profits

Juhayna Food Industries, one of Egypt’s largest dairy and juice producers, has seen a 23% decrease in its third-quarter net profits, the company reports. The chief executive officer, Safwan Thabet says in a statement, “It should come as no surpirse – considering recent political and economic upheaval.” He blamed the very early curfew that curbed traditional shopping hours for the drop. The loss amounted to €432,000. However, total revenues increased by four per cent to €94 million, due to the firm’s new yogurt plant in Assiut, which translated to a 9% increase in yogurt sales. The company plans to begin production at its new Egyfood yogurt plant and new dairy farm early in 2014.