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Domty targets to achieve more than EGP100m in sales annually from baked goods Start of bakery line got delayed more than once due to state`s conditions, which negatively affected purchasing power, says El Damaty
The Arabian Food Industries company, Domty announced in a press statement that it started producing baked goods at the end of August through a single production line, which had already been purchased following being listed on the Egyptian Stock Exchange in 2016. Days ago, Mohamed El Damaty, the vice chairperson of Domty told Daily News Egypt in an exclusive interview that his company bought the production line of bakery, but the start of the line was delayed more than once, due to the conditions of the state, which negatively affected the purchasing power. Moreover, Domty revealed in a press statement that the production capacity of the bakery line is 6m pieces per month, noting that the total investment cost of the line is EGP 50m. Furthermore, the company explained that the product that was launched is Domty sandwich and it is the company`s first product in the field of baked goods. El Damaty told DNE that his company acquired about 42% of the local packaged cheese market in Egypt, while in the juices market it acquired about 7% of the local market. Moreover, he stated that the target is to reach about an 8.9% profit margin on total sales, and also target to increase the total sales number to reach about EGP 2,500, EGP 2,700bn by the end of this year. "I think that our financial performance in H1 2018 is ambitious and that we reached our target," the vice chairperson of Domty asserted. Notably, in the first half (H1) of 2018, Domty achieved a net profit worth EGP 98m, which is a substantial growth if compared to the same period in 2017, as it was EGP 6m in H1 of 2017.
