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Thursday, 3 March 2022

Edita’s net income up nearly 57% in 2021

Edita Food Industries’ net income jumped 56.5% y-o-y in FY2021, reaching EGP 473 mn, according to the company’s preliminary earnings release (pdf). Revenues increased by nearly 31% y-o-y, recording EGP 5.25 bn on the back of better pricing and sales volumes, the company said, adding that FY2021 volumes surpassed pre-covid levels, and matched *drumroll* pre-devaluation levels.

The snackfoods company’s bottom line increased by 55% y-o-y in 4Q2021, recording EGP 197 mn, while revenues rose nearly 26% to record EGP 1.5 bn for the quarter. Edita started operations at its new Morocco factory in 4Q2021, marking the company’s first greenfield investment outside of Egypt. The EGP 200 mn plant currently produces 2.7k tons of HoHos cakes every year.

Edita’s honing in on baked goods + wafers: The company’s cakes and bakery segments together accounted for around 80% of revenues last year, while its wafers segment was the fastest-growing, recording an 81.6% jump in revenues to EGP 610.6 mn. The snackfoods maker plans to invest around EGP 400 mn to add new production lines for its baked goods and wafers segments this year. Last month, Edita rebranded its Molto Sandwich line to Molto Fino and added three new flavors, and expanded its biscuits segment with the launch of Oniro Lava, following on from the launch of its Freska Choco Sticks.

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