Juhayna Food Industries (JUFO.CA) announced that it is planning to invest cEGP400mn in capex during 2017, which will be directed towards completion of its ongoing projects. Juhayna is targeting 30-40% revenue growth for 2017 as it is optimistic about the recovery of the Egyptian market and consumers’ purchasing power, according to the company disclosure. It is also working towards localising its raw materials to reduce its FX exposure.
Juhayna: EGP8.11 as of 23 Mar. 2017, Rating: Buy, TP: EGP10.50/share, MCap: USD422mn, JUFO EY/JUFO.CA