Juhayna to cut investments in 2017, to raise prices by 5-10%
Juhayna Food Industries (JUFO.CA) is looking to cut investments in 2017, without citing a specific figure, due to a challenging macroeconomic environment and lower consumer purchasing power, said the company CEO, Seif El Din Thabet. The company is planning to raise prices by 5-10% during the year, he added, expecting 1Q17 earnings to decline, but 2Q17 to show an improvement. In 2016, Juhayna invested EGP450mn after initially budgeting to spend EGP500mn. (Reuters) Juhayna: EGP8.03 as of 16 Feb. 2017, Rating: Buy, TP: EGP7.00/share, MCap: USD470mn, JUFO EY/JUFO.CA
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