EGYPT – Edita Food Industries (EFI), Egyptian snacks giant, has more than doubled its net profit for the fiscal year 2022 which ended on December 31 last, to hit 959.4 million pounds (US$31.3 million), Agence Ecofin has reported.
The company noted that the impressive performance which exceeded the previous record of 471.9 million pounds (US$15.4 million) was attributed to a 46.1% year-on-year growth in revenue totaling 7.7 billion pounds (US$250.8 million).
Edita Foods was founded in 1996 and is the leader in the Egyptian packaged snack market with a portfolio of brands that includes Molto, TODO, MiMix, Bake Rolls, Bake Sticks, and Hostess Cakes
According to the company, the celebrated performance is mainly supported by the ongoing launch of the year for its activities in Morocco following the commencement of the cake production business in 2021.
Cakes topped the company’s list of most performing products, accounting for approximately 48% of sales (US$120.5 million), followed by bakery products (32%) and waffles (9.6%).
According to the company, the bakery segment continues to be one of its core offerings and a primary contributor to revenue.
This is not surprising as bread is a major staple for the country with a population of more than 60 million population and an annual wheat consumption of 9 Million tonnes.
In January this year, the company launched Molto Magnum Mix in an effort to strengthen its leadership position in the bakery segment as well as offer value-adding products that cater to consumers’ evolving tastes and preferences.
In addition to sales revenues, the report further revealed that the strong increase in sales made it possible to offset the negative effect of the 46.8% increase in sales costs.
Furthermore, the season operated under lower administrative expenses compared to last year which also contributed to the improvement in profits.