US economy slows to 1.6% in Q1 of '24 – BEA    EMX appoints Al-Jarawi as deputy chairman    Mexico's inflation exceeds expectations in 1st half of April    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Domty expects 15.4% increase in revenues by end-2018: El Damaty
There is no intention to increase Domty's product prices in Ramadan season, says El Damaty
Nihal Samir Published in Daily News Egypt on 09 - 04 - 2018

Mohamed El Damaty, vice chairperson of Arabian Food Industries Company (Domty), told Daily News Egypt in an interview that Domty expects its revenues to reach EGP 2.6bn by the end of 2018, up from EGP 2.253bn in 2017, an increase of 15.4%.
He added that Domty has no intention to increase its prices in the Ramadan season, explaining that Ramadan sales do not represent a high percentage of the company's total annual sales.
Concerning Domty's exports, El Damaty revealed that the company's exports currently represent 6% of Domty's total sales and are expected to rise to 1% by the end of 2018.
Meanwhile, "Domty has an ambitious plan to increase its exports," according to El Damaty.
He continued that the most important markets that witness Domty's exports are Jordan, Saudi Arabia, the United Arab Emirates (UAE), Libya, and Russia.
Furthermore, El Damaty said that the firm aspires to enter more export markets, especially after its board of directors approved the opening of a new branch of the company in Rwanda, pointing out that the company plans to enter many new countries in Africa, including Kenya.
Concerning the issue of new products, the vice chairperson of Domty said that the company will start its first bakery production line after Ramadan and will start the first production line of flavoured milk by the end of 2018.
Talking about the challenges that the food industry faces in Egypt, El Damaty said that the challenges are briefed in the Central Bank of Egypt (CBE)'s high interest rates, inflation, and the decline of purchasing power.
He stressed that the decision to float the pound was a late step, but a necessary one to reform the economy.
Concerning the effect of the pound's flotation on the food industry sector, he said that at first, the effect was completely negative, as the sector imports most of its raw materials, which became more costly due to the dollar exchange rate, so the sector did not benefit from the flotation, but he maintained it was a necessary step.
He added that he thinks that, currently, the situation is improving.
On a side note, Domty announced earlier in a press statement that its exports in 2017 jumped 6.39%, to record EGP 142m of the firm's total sales compared to EGP 83m during 2016.
Meanwhile, Domty's total profit at the end of 2017 amounted to EGP 452.6m compared to EGP 335.5m in 2016.
Domty was founded in 1989 and specialises in the manufacture of cheese and dairy products. It added juice production in 2013. It dominates 42% of the local cheese market and 7% of the local juice market.

Clic here to read the story from its source.