Earnings watch: Edita net profit increases 26.3% y-o-y in 2Q2019
EARNINGS WATCH- Edita net profit increases 26.3% y-o-y in 2Q2019: Snack food maker Edita recorded a 26.3% y-o-y increase in net profit for 2Q2019 to EGP 31.7 mn, according to the company’s earnings release (pdf). Revenues from the quarter reached EGP 862.8 mn, up 9.3% y-o-y. Commenting on the results, Chairman Hani Berzi said, “Edita’s growth in the second quarter and first half of 2019 continued to be a factor of our constantly improving product mix, with new product launches and strategic market segmentation allowing the company to expand its consumer base and capture higher value from sales.”
Cakes continued to be the largest share of total revenues in 2Q2019 at 45%, followed by croissants, which made up 32.1%. Rusks grew to 9.7% versus 7.4% in 2Q2018, while Edita’s wafer segment accounted for 8.8% of total revenues for the quarter. Gross exports were up 17.3% y-o-y to EGP 150.2 mn in 1H2019, comprising an 8.1% share of total gross revenues during the first half of the year.