Snack food maker Edita Food Industries reported record net income and revenues in 2022 on the back of stronger sales and higher prices, according to its earnings release (pdf). The company’s net income more than doubled during the year to EGP 959.4 mn, while revenues rose almost 50% to EGP 7.7 bn. The snack maker reported EGP 329.3 mn in net income in the final quarter of the year, up 69% y-o-y. Revenues in the October-December period were up 64% y-o-y to EGP 2.5 bn.

Higher prices didn’t dent demand: Sales volumes rose 22% during 2022 despite the company hiking average per-pack prices by almost 20% in response to surging input costs, which increased by almost 50%. The cakes segment continued to be the company’s biggest moneymaker, accounting for almost 50% of revenues and finishing the year as the largest contributor to volume growth.

What they said: “Edita’s FY2022 revenue exceeded the initial forecasted budget and crossed the EGP 7.6 bn mark despite a challenging operating environment,” it said.