Arab Finance: Approved the regular general Friday of Juhayna Food Industries Company (JUFO)held on 12-29-2024 on the merger of 4 other companies into the company, according to statement Egyptian Stock Exchange.
It also approved the merger of the International Company for Modern Food Industries, the Egyptian Company for Dairy Products, the Egyptian Company for Food Industries, Egyfood, and Al-Marwa Food Industries Company, into Juhayna Food Industries Company, on the basis of the book value of the merging company and the merged companies according to the companies’ financial statements on December 31. 2023.
As well as the report of the committee formed by the Minister of Investment and International Cooperation’s Resolution No. 95 of 2018 regarding verifying the accuracy of the initial estimate of the assets and liabilities of companies, for the purpose of the merger approved by the General Authority for Investment and Free Zones on November 7, 2024, with the addition of new activities to Juhayna’s purpose after the merger and amending Article 3 of The company's articles of association.
It also agreed to add activity centers for the merging companies as activity centers for the merging company, after completing the merger procedures and amending Article 4 of the company’s bylaws. It also kept the authorized and issued capital of Juhayna as it was after the merger, and amended Articles 6 and 7 of the company’s bylaws. The effects of the merger, and the approval of the merger contract.
About the results of its business during the period from 01/01/2024 to 09/30/2024, it showed achieving a net profit assembly It amounted to 2,437,723,959 pounds, compared to the company achieving a net profit of 878,623,107 pounds during the period from 01/01/2023 to 09/30/2023.
In the same context, the company achieved a net profit independent For the period from 01/01/2024 to 09/30/2024, it was estimated at approximately 20,666,752 pounds, compared to net losses amounting to 2,767,503 pounds, during the comparative period of the previous fiscal year.
It is worth noting that the net profits or losses for the year are calculated according to the share of owners of the parent company.
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