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.