Edita Food Industries, the Egypt-based baked goods group, has announced the resignation of CFO Sherif Fathy.
The company, which has a listing on the London Stock Exchange, said Fathy had decided to leave the business “for personal reasons”.
In a statement, Fathy, who joined the business in 2007, said: “My departure owes entirely to my desire to spend more time with family, a fact that means relocating outside Egypt.”
Chairman and MD Hani Berzi added: “It is with deep regret that the board and I have accepted Sherif’s resignation. He has not just been a key member of our executive team for nearly a decade, he is a good friend and trusted confidant. We look forward to announcing the engagement of a new chief financial officer in the coming period, and I am pleased Sherif’s successor will have [the] benefit of his experience and wise counsel during the transition period.”
The company posted net profit of EGP349.1m up 31.3% on 2014. EBITDA was EGP521.9m, an increase of 12.7% on the year. Revenues rose 16% to EGP2.23bn.
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In the first quarter of this year, Edita saw sales and profits fall.
For the period ending 31 March, net profits slid 45.1% to EGP32.7m (US$3.6m). Edita Food Industries said the drop in its bottom line was attributable to higher foreign exchange losses, as a result of the devaluation of the Egyptian pound. The company’s EBITDA rose 9.1% to EGP114.8m.
However, revenues fell by 2% to EGP518.1m. Edita Food Industries pointed to “lower capacity utilisation” within its cake business following an “upsizing” on its licenced Twinkies portfolio. The upsizing had involved delisting the Twinkies SKU and the introduction of the higher-priced Twinkies Extra in September 2015. Edita Food Industries said this was “a strategic step aimed at long-term margin protection”.