Egypt – Edita Food Industries announced on Sunday the launch of a new production line to increase the company’s production capacity by 20% at an investment cost of EGP 135 million.
Specifically, Menna Shams Al-Din, head of investor relations at Edita, said the company plans to increase its production capacity in the cake and bakery sectors.
She also told Daily News Egypt that the aim was to keep pace with the strong demand for her products, especially Molto croissants.
In addition, she pointed out that the new line will increase the production capacity to 11,000 tons per year, which represents an annual growth rate of 20% for the total production capacity of the bakery products sector.
Furthermore, the company disclosed that its net profit increased at an annual rate of 57% to reach EGP 162.4 million during the first quarter (Q1) of this year, accompanied by a profit margin of 10.4%. , compared to 8.9% in 1Q 2021.
Meanwhile, revenue stood at EGP 1.559 billion, an annual growth rate of 33.7%.
The company attributed this growth to its implementation of a proactive strategy focused on improving end prices and diversifying its range of innovative products during the 4th quarter of 2021, thanks to which it was able to partially overcome the pressures inflationary in the context of the devaluation of the EGP.
Previously, Edita decided to establish an Egyptian holding company which would undertake the activity of participating in the creation of entities issuing securities or raising capital with a registered capital of approximately EGP 5 million. This is in addition to the creation of an Egyptian joint stock company to work in microfinance with an issued capital of at least EGP 15 million.
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