Edita Food Industries Reports 1Q2020 Earnings
Revenues recorded EGP 964.1 million, down 1.8% y-o-y on account of slower market activity due to the outbreak of Covid-19 towards the end of the quarter; gross profit margin maintained at 34.8%
Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange & EFID.L on the London Stock Exchange), a leader in the Egyptian packaged snack food market, announced today its results for the quarter ended 31 March 2020, reporting revenues of 964.1 million, down 1.8% y-o-y. Net profit for the quarter recorded EGP 64.4 million in 1Q2020.
Top-line performance was affected by slower snack food market activity during the first quarter of the year, which was further compounded with the onset of the global Covid-19 pandemic towards the end of the quarter, while Edita’s newly introduced products and value propositions during the quarter supported the company’s top-line.
Edita’s gross profit recorded EGP 335.5 million in 1Q2020, with a gross profit margin of 34.8%. Gross profitability remained intact thanks to Edita’s efforts in controlling its costs of direct materials.
Edita places the well-being of its people and its community as a top priority and fully supports the government’s precautionary measures to control the spread of Covid-19. The company has introduced proactive measures to help mitigate the risks with a focus on safety and business continuity, and through the Edita Foundation, its providing much needed support to Egypt’s healthcare system as part of its corporate responsibility. Like all businesses across Egypt, Edita’s operations have been impacted by Covid-19, however, the company is standing on solid ground with a healthy liquidity position and robust contingency plans that will support it in the short term. Overall, Edita’s long-term growth strategy remains intact and is supported by solid fundamentals that go beyond the current crisis.