Edita Food posts 9M sales, profit jump
Edita has posted an increase in nine-month profits
Nine-month sales and profits at Egypt's Edita Food Industries have surged thanks to sales growth in all its categories, despite challenges in its domestic market.
The firm posted a net profit for the nine months to 30 September of EGP212m (US$27.1m) compared with EGP162.6m a year earlier. Operating profit increased to EGP272.8m from EGP263.7m.
Sales also increased 16.9% to EGP1.58bn.
During the third quarter, Edita said sales growth was mostly volume driven due to increased capacity in its croissant and cake segments.
Net profit for the period rose to EGP85.7m compared to EGP32.6m. Operating profit increased to EGP83.5m from EGP69.1m.
Third-quarter sales were up 20% at EGP535.4m.
Earlier this year, Edita announced it was setting up a new facility in Egypt to produce Hostess Brands LLC lines for Middle East markets.
In April, Edita said it had expanded its local rights to Hostess's HoHo's, Twinkies and Tiger Tail brands to 12 more countries in the Middle East and north Africa.
Edita is currently focused on expanding its range of products to compete with emerging players within bakery....
Swings a very snacks increased in current value by 21% in 2015, a higher rate of growth than the 19% current value CAGR recorded in the category over the entire review period....
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