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 2023, recording revenues of EGP 2.8 billion, a 78.3% y-o-y increase. Strong top-line growth trickled down to the Company’s bottom-line, which increased 2.5x year-on-year to record EGP 375.4 million with a net profit margin expansion of 4 percentage points to 13.5% compared to 9.5% in 1Q2022.
Amidst shifting macroeconomic dynamics, Edita continued to deliver an outstanding performance, achieving excellent financial results and operational milestones. The Company took proactive measures to adapt to shifting macroeconomic dynamics, implementing a range of initiatives such as price adjustments, expanding the price range, product reconfigurations, and introducing new products.
Revenue growth was driven by both higher volumes and pricing, showcasing the Company’s appealing value proposition and ability to push demand at higher price-points. In 1Q2023, Edita saw a 34.4% y-o-y increase in total packs sold to 1,034.5 million, with cake and bakery being the primary contributors to total volume.
Strong performance, operational efficiencies and cost optimization initiatives led to an impressive 153.5% y-o-y increase in net profit to EGP 375.4 million.
Edita is growing its regional footprint through trade and distribution agreements with prominent international distributors and currently exports to more than 17 countries. Exports grew to 9.0% in 1Q2023 from 5.0% as a percentage of revenue in 1Q2022, reflecting Edita’s successful regional expansion strategy.
On the regional front, Edita Morocco begins the year with a strong set of results in line with the Company’s targets. The installation of the second cake production line for Twinkies in late 2022 doubled the facility’s production capacity and is fuelling both volume and revenue growth. In 1Q2023, Edita Morocco recorded EGP 149.5 million in revenue, up from EGP 20.5 million in 1Q2023, and plans to double FY2022 revenue by year-end. The Company has nine SKUs under its HOHOs and Twinkies brands and has successfully captured an 11.4% market share in a highly competitive market.
Ms. Menna Shams El Din
Head of Investor Relations & Corporate Affairs
T: +202 3851-6464 | M: +2010 0 154 2428 | firstname.lastname@example.org