AJWA Group for Food Industries see slump in profits

CAIRO – 4 July 2017: The AJWA Group for Food Industries registered a sharp drop in net profits for the first quarter of 2017, according to a stock market report on Tuesday.

Consolidated statements revealed that the net profits of the Egypt-based food processing company totaled LE 891,735 ($49,887) in Q1 of 2017 compared to LE 8.8 million in the same period a year ago.

However, the company reported a hike in net sales which reached LE 445 million in Q1 of 2017 up from LE 161.1 million in the same period of the previous year.