Domty Q1 sales and profits rise

Domty Q1 sales and profits rise

Egypt's Arabian Food Industries, also known as Domty, has reported an increase in earnings for the first quarter. 

In a filing with the Egyptian stock exchange, the dairy maker said consolidated net profit in the three months to 31 March rose 7.1% to EGP24.15m (US$2.72m) compared to EGP22.5m in the comparable period of last year. On a standalone basis, the group said net profit totalled EGP23.3m versus EGP21.7m last year. 

Further details of Domty's first-quarter financial results were not provided. 

Earlier this month, Domty said it is looking at secure a 20% increase in sales in 2016. In 2015, the group recorded sales of EGP1.4bn, driven by carton pack cheese products. The result equated to a 24% increase on sales year-on-year. Domty posted a 35% rise in net profit to EGP128.7m.

The figures were Domty's first set of results as a newly-listed company. At the time the Egyptian dairy also announced it is preparing an EGP300m capital injection to help find its growth.