Back to the complete issue
Thursday, 31 October 2019

Earnings watch: Edita net profit jumps 19.2% in 3Q2019

EARNINGS WATCH- Edita net profit jumps 19.2% y-o-y in 3Q2019: Leading snack food maker Edita’s net profit rose 19.2% y-o-y in the third quarter to EGP 106.6 mn, according to the company’s earnings release (pdf). Revenues for the quarter reached EGP 1.09 bn, up 7% y-o-y. Commenting on the results, Chairman Hani Berzi said, “We are witnessing strong contributions from the croissant, rusks and wafer segments where new product launches are helping build an optimized product mix, driving higher utilization rates at our facilities and are strengthening Edita’s position in an increasingly competitive market.”

As for its regional expansion plans: Edita is moving forward with the construction of its new factory in Morocco, which is expected to break ground before the end of the year. Moroccan authorities have also stepped up their support of the project with a MAD 15 mn grant to the company as part of a local program to encourage FDI.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.