Cairo – Mubasher: Juhayna Food Industries’ stock has surged by 12.90% at the beginning of Sunday’s trading session following the release of the company’s Founder and Former CEO and his son from prison in Egypt.
By 11.05 a.m. Cairo local time, the company’s stock reached EGP 9.98.
Business tycoon Safwan Thabet and his son Seif El-Din Thabet were released on Saturday after about two years in detention, in a case that shook the business community as well as Egyptian and foreign investors, according to Reuters.
Safwan Thabet was detained in December 2020 and his son took over as CEO before he too was detained in February 2021.
In the first nine months (9M) of 2022, Juhayna’s consolidated net profits amounted to EGP 474.08 million, a drop from EGP 490.19 million in the prior-year period.
The company's revenues soared to EGP 8.16 billion in the January-September period of 2022, compared to EGP 6.52 billion in the same period of 2021.
