Earnings watch: Edita reports 2020 results
Edita bottom line recovers from post-covid lockdown in the back half of 2020: Edita recorded EGP 302.2 mn in net income during 2020, down 16.6% y-o-y, according to the company’s earnings release (pdf). The EGX- and LSE-listed snackfood manufacturer saw its net income in 4Q2020 grow 16% y-o-y, “supported by gross prof. for the period, an EGP 11 mn export subsidy booked in the quarter, combined with lower interest expenses and cost of funding.” Edita’s bottom line had also inched up in 3Q2020. “Supported by better pricing and portfolio optimization throughout the year,” Edita’s revenues grew 12.6% y-o-y to register EGP 1.2 bn in 4Q2020. On a full-year basis, revenues were essentially flat y-o-y at EGP 4.0 bn.
Looking ahead, introducing new products will remain “a top priority” for Edita, after having introduced its Molto Mini Magnum, Freska Block, and Hohos Extreme over the past two months. This plan builds on the company’s new product launches in 2020, which “contributed to more than 20% of consolidated revenues for the year,” according to the release.