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Monday, 27 February 2017

Egyptian food manufacturers eye expansions, selling to new markets.

Food manufacturers eye export opportunities, invest in growth: Cheese maker Domty will be expanding its business in African and Russian markets in the upcoming period, IR head Ahmed El Homossany told Al Mal. El Homossany said the company will discuss the volume of its investments and the specific markets it will look to enter in its upcoming AGM. Obour Land is also planning to expand into new markets by increasing its proportion of exports to total says by 3-5%, particularly banking on new products that will be issued in 2Q2018. Al Mal reports that the company is also self-financing an expansion to install juice production and packaging lines. Separately, confectioner El Rashidy El Asly will inaugurate an EGP 200 mn production plant in Sixth of October in 2018, CEO Mohamed Kandeel told Al Mal. The company will use the new plant to expand its product range. El Rashidy El Asly had hinted last May that it was considering an IPO this year. Also, fresh food producer Daltex said it plans to invest EGP 130 mn this year. EGP 30 mn will be allocated to refurbish and expand production lines, according to Al Mal, and EGP 100 mn will go towards land reclamation efforts.

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