Back to the complete issue
Thursday, 25 February 2021

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.

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.