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Egyptian businessman Safwan Thabet has recouped part of his previous paper losses after a rebound in shares of Juhayna Food Industries lifted the value of his holdings by $40.46 million, according to market data tracked on the Egyptian Exchange (EGX).
Thabet, one of the country’s best-known figures in consumer goods, owns 50.1 percent of Juhayna Food Industries through Pharon Investments Limited. The market value of his stake has surged to EGP23.39 billion ($490.40 million) from EGP21.46 billion ($449.95 million).
A recovery after a tough November
This follows a sharp pullback in November, when Juhayna shares came under sustained selling pressure. Between Nov. 11 and Nov. 28, the value of Thabet’s stake dropped by about $71 million, falling from EGP25.14 billion ($527.86 million) to EGP21.75 billion ($456.69 million).
Market participants attributed the slide to broader investor caution on the Egyptian Exchange, where concerns over inflation, currency pressures and consumer spending have weighed on food and beverage stocks. Juhayna, despite its strong brand presence, was not immune to that mood.
Since Dec. 1, however, sentiment toward the stock has improved. Juhayna shares have risen 8.64 percent, climbing from EGP22.8 ($0.478) to EGP24.85 ($0.521). The rebound has propelled the company’s market capitalization back above $611 million.
A household name in Egyptian consumer goods
Founded more than 40 years ago by Thabet, Juhayna has grown into one of Egypt’s leading producers of dairy products, juices and packaged foods. Its brands are familiar fixtures on supermarket shelves, and its products are widely consumed across income groups, giving the company a strong foothold in the domestic market.
This has helped Juhayna weather multiple economic cycles, though recent months have underscored how exposed even established consumer companies are to market swings. Despite the December rebound, Juhayna shares are still down 8.13 percent over the past year.
