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Monday, 16 May 2022

Earnings: Edita, ABK Egypt

Edita Food Industries’ net income rose 86% y-o-y in 1Q 2022 to EGP 148.1 mn, according to the company’s latest earnings release (pdf). The company said that bottom line growth “reflected improved performance down the income statement”, with revenues jumping 34% y-o-y to EGP 1.56 bn, backed by strong performance by all six segments.

Driving revenue growth: The company’s cake and bakery segments were the biggest contributors, accounting for almost 75% of the company’s revenue for the quarter. Wafer revenues, which accounted for 16% of the company’s top line, grew 61% y-o-y. Meanwhile, revenues from the biscuits segment grew 62% on 1Q 2021.

The snack foods’ maker’s new facility in Morocco began generating revenues in 1Q, bringing in EGP 20.5 mn during the quarter, the statement said.

IN OTHER EARNINGS-

Al Ahli Bank Kuwait Egypt reported net income of EGP 551 mn in 1Q 2022, according to a statement (pdf). The bank also reported a 23% rise in net interest income to EGP 603 mn in the first three months of the year.

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