Edita Food Industries Reports FY2020 Earnings

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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 year ended 31 December 2020, recording revenues of EGP 4,021.1 million, largely stable compared to revenues recorded in FY2019. The company’s top-line was supported by better pricing and product mix throughout the year, with the bakery segment continuing to be the main supporter of consolidated revenue, recording a 10.7% top-line expansion versus last year.

Edita’s gross profit recorded EGP 1,387.4 million in FY2020, with a gross profit margin of 34.5%. Net profit stood at EGP 302.2 million in FY2020, with an associated margin of 7.5% for the year.

In 4Q2020, Edita recorded revenues of EGP 1,229.3 million, up 12.6% y-o-y, reflecting a strong recovery from the challenges posed by Covid-19 earlier in the year. Top-line growth supported an 11.3% y-o-y increase in gross profit to EGP 445.9 million, with a gross profit margin of 36.3%. Net profit for the quarter expanded 16.0% y-o-y to EGP 127.2 million, with an associated net profit margin of 10.3%.

Throughout 2020, Edita remained committed to its long-term growth strategy, while successfully navigating the short-term challenges. Edita pressed on with its portfolio optimization and diversification efforts, rolling out multiple new and upsized products across its existing segments, while simultaneously penetrating the fast-growing biscuits market. In 2020, Edita successfully grew its market share across its segments, especially in its core cake and bakery segments. The company also went ahead with its planned capacity increases, strengthening its sales and distribution function with the additions of new vans and distribution centers. On the regional front, Edita completed construction work at its first overseas production facility in Morocco and is working on installing the facility’s first production line.