Egypt-based baked goods group Edita Food Industries today (27 September) named former Heineken executive Sameh Naguib as its new CFO.
Naguib replaces Sherif Fathy, who resigned in July for personal reasons. He joins Edita after a spell as chief financial officer of Egyptian mining firm ASEC Company for Mining.
Naguib spent over a decade at Heineken, including a stint as business controller for the Dutch brewing giant’s activities across ten countries in the Middle East and Africa.
Edita chairman and MD Hani Berzi said: “[Naguib] brings both a long track-record in the FMCG industry and broad regional experience at growing businesses. These are key skills upon which we’ll call as we look to maintain our leadership of the Egyptian market while exploring international growth opportunities.”
In 2015, Edita saw profits grow in 2015 on the back of increased sales and moves to launch higher-margin products. The company posted net profit of EGP349.1m (US$39.3m), up 31.3% on 2014. EBITDA was EGP521.9m, an increase of 12.7% on the year. Revenues rose 16% to EGP2.23bn.
In the first half of 2016, Edita saw half-year profits fall amid a deceleration in its sales growth and higher investment in marketing.