Egypt-based Edita Food Industries has invested EGP14m (US$831,000) in a new production line as the snacks maker seeks to grow its market share with an addition to its Freska brand range.
The owner of brands such as Todo, Molto and Bake Rolz is introducing the wafer line at its so-called E08 facility – located in the city of 6th of October – which will manufacture the Freska snacks range. The line-up includes a a new product offering Freska Pops, rolled cocoa wafers filled with cocoa and hazelnut cream.
Hani Berzi, the chairman and managing director of the Cairo- and London-listed firm, said: “Edita is taking full advantage of the solid fundamentals of the fast-growing wafer segment, where we plan to funnel investment in adding new capacities and new products. This strategy is already bearing fruit.”
Berzi added revenues from the wafer segment reached EGP97.3m in its fiscal first quarter, giving the company a market share of just over 10% in the sector. That’s up from the EGP86m recorded in the fourth quarter, according to Edita’s full-year earnings statement showing annual wafer revenues of EGP277m. Sales for the group as a whole totalled EGP3.77bn. He continued: “Our unwavering commitment to providing innovative offerings to our consumers and our ability to deliver on our growth strategies are what set us apart in the fast-growing and increasingly competitive snack food market.”