EGYPT – East Delta Flour Mills’ (EDFM), an Egyptian flour mill entity has reported a 17% significant surge in net profits after tax year-on year (YOY) in the first quarter (Q1) of fiscal year (FY) 2023/2024.

This is according to the financial income statement filed to the Egyptian Exchange (EGX) on November 14.

According to the report, net profits after tax came in at EGP 33.852 million (US$1.1M) in Q1 of the current FY, compared to EGP 28.923 million (US$935,051) in the previous FY.

Located in Zagazig, Egypt, East Delta Flour Mills is an Egypt-based company engaged in the manufacture, processing, warehousing, packaging, import, export, and distribution of different types of grains.

They also deal with bread, baked goods, dough, pasta, foodstuffs in general, fodder and its components, yeasts, ice, cooling and freezing, packaging supplies, capital equipment, and necessary spare parts. Additionally, the company is engaged in real estate investment activities.

The report comes after the recent data by World Grain that revealed that Egyptian companies engaged in flour milling posted gains in 2022, led by a 57% increase at North Cairo Flour Mills in fiscal year 2022/2023 despite headwinds in the global grain sector.

According to the report, 22 of the 40 companies tracked by Milling & Baking News recorded year-over-year decreases in share price during 2022 while 18 posted increases.

Other increases included Middle and West Delta Flour Co., up 50%; East Delta Flour Co., up 34%; Middle Egypt Flour, up 31%; Upper Egypt Flour, up 30%; and Alexandria Flour, up 19%.

Middle Egypt Flour Mills’ net profits climb 4.9% YoY in Q1 FY2023/24

Meanwhile, the Middle Egypt Flour Mills Company (CEFM) an EGX-listed company recorded a 4.96% year-on-year (YoY) increase in net profit after tax for the first quarter (Q1) of fiscal year (FY) 2023/2024.

This is according to the unaudited financial statement filed to the Egyptian Exchange (EGX) on October 31.

Net profit reached EGP 28.801 million (US$ 931,298) in Q1 FY 2023/2024, compared to EGP 27.440 million (US$ 887,000) in Q1 FY 2022/2023.

The company’s revenues grew 7.03% YoY to stand at EGP 143.341 million in the three-month period ended September 31, from EGP 133.920 million in Q1 FY 2022/2023.

Middle Egypt Flour Mills is an EGX-listed company engaged in the manufacture, trade, import, export, packaging, warehousing, and distribution of grains and related products.