Juhayna: Q1 20 – Margin gains boost bottom line

  • Sales recorded slight yoy expansion in volumes from growth in the dairy (7.9% yoy) and yogurt (2.0% yoy) segments

  • NPM +2.2% yoy gains supported by lower COGS, SG&A and financing expense, along with strong march revenues

  • Stockpiling of staple and Ramadan sales should support Q2 20 top line and margins; maintain FV at EGP10.75/share, Buy

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