Egypt’s Arabian Food Industries, also known as Domty, has confirmed it will increase the selling prices of its products as it eyes a 20% jump in annual revenues.
The Egypt-based dairy firm said in a bourse filing it was looking at securing a 20% increase in 2016 sales. In 2015 the group recorded sales of EGP1.4bn (US$157.6m), driven by Domty’s carton pack cheese products which saw capacity additions during 2015. This was a 24% increase in sales on the prior year.
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Domty added the revenue growth will partly come from a planned price rise of its products. It said it could raise the price of some products by up to 11%.
Last month Domty posted a 35% in net profit year-on-year to EGP128.7m, its first set of results as a newly listed company. At the time the company announced it was preparing an EGP300m capital injection to help find its growth.
“We are exploring opportunities to allocate the proceeds from the capital increase to expand our national distribution network, to introduce new product categories, and to expand our operations to high-growth African markets,” said chairman Omar El Damaty.
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By GlobalData
