Edita Food Industries Reports 2Q2024 Results

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 30 June 2024, recording a 42.1% y-o-y increase in revenue to EGP 4.1 billion in 2Q 2024. On a six-month basis, revenues grew by 41.7% y-o-y to EGP 8.0 billion.Edita’s revenue growth continues to be driven by portfolio optimization, new product launches, continuous innovation and repricing strategies. These efforts continue to enhance Edita’s visibility and brand equity, solidifying its position as a leader in the snack food market.During the quarter, Edita’s core cake segment was the main driver behind growth with its revenues increasing 47.7% y-o-y in 2Q2024 ,while the bakery segment’s revenue grew by 21.1% y-o-y in 2Q2024. The wafers’ segment also strongly supported consolidated growth, with revenues climbing 74.1% y-o-y in 2Q2024.The company also remains focused on expanding its presence in its smaller, nascent segments such as candy, biscuits, and frozen baked goods. In that regard, Edita’ delivered significant year-on-year revenue gains at the candy segment, with revenues up by a notable 70.2% y-o-y, while the biscuit segment also performed well and grew by a solid 15.1% y-o-y.At its new frozen segment, Edita has expanded beyond croissants and puff pastries to include new baked goods such as pizzas and sweet pies in various flavors, enhancing its presence and diversification within the segment. The frozen segment reported revenues of EGP 43.5 million for the first half of 2024.To meet increasing demand with sustained growth across segments, Edita continued to invest in capacity expansions in 2024. Most recently in May 2024, the company secured new debt facilities, including a long-term loan agreement with Banque Misr for EGP 990 million over eight years. This funding has facilitated the addition of new production lines within Egypt, including a new bakery line at Edita’s E08 facility, which is now operational.On the regional front, exports generated USD 17.0 million year-to-date. Finally, Edita Morocco reported revenues of EGP 114.2 million in 2Q2024, up by a notable 54.1% during the quarter.