EARNINGS WATCH- Edita Food Industries reported strong bottom-line growth during 3Q2017, with net profit growing 47.4% y-o-y to EGP 66.7 mn. Net revenue for the quarter was up 35.8% y-o-y to EGP 832.2 mn on the back of the macroeconomic turnaround which has seen consumers adjust to recent inflationary pressures, the company said in a statement (pdf). “We were particularly successful in absorbing inflationary shocks arising from the reform program and delivering consistent top-line growth while defending our market share,” Edita Chairman Hani Berzi said. Regional expansions and a 101.9% y-o-y increase in exports contributed to the bottom-line growth. Berzi believes the Egyptian consumer foods industry is at a turning point, saying that, “With the economy and consumer sentiment now turning the corner, we believe the worst is behind us. Our primary focus in the coming period will be to accelerate the recovery momentum and continue driving volumes and sales upward.” Also, the company launched in October its TODO Donut off the second line at its newly commissioned E08 plant; the product is the first mass-produced and packaged donut in Egypt. Tap or click here to read Edita’s full earnings release (pdf).

Beltone Financial recorded a net loss of EGP 22.9 mn in 3Q2017 against a net loss of EGP 1.8 mn a year earlier. Group revenues rose to EGP 132.8 mn compared to EGP 34.7 mn a year earlier, according to the company’s financial statements.