This image will be automatically disabled when it gets reported by several people.
Edita Food Industries commences operations in Morocco in November Company reports rapid growth in revenues for 3Q2021, driven by higher volumes, pricing
Edita Food Industries will commence operations in Morocco in November with the launch of a cakes production line, a key milestone in Edita's regional expansion goals. It has reported rapid growth in revenues for the third quarter (3Q) of 2021, at EGP 1.39bn, an increase of 31.7% from the EGP 1.059bn recorded in the same period last year. This growth was driven by higher volumes as well as pricing, with Edita leveraging an accelerating recovery to grow sales across the Company's increasingly optimized Product portfolio. The company's met profit recorded EGP 112.4m in 3Q 2021, an increase of 4.6% from the EGP 107.5m reported for 3Q 2020. On a nine-month basis, Edita recorded a top-line of EGP 3.7bn for the first nine months (9M) of 2021, an increase of 33.0% from the EGP 2.79bn reported in 9M 2020. The company's bottom line recorded EGP 276.2m for 9M 2021, up by 57.8% y-o-y to yield a net Profit margin of 7.4% against the 6.3% reported in 9M2020. Volumes for 9M 2021 continued to exceed pre-COVID-19 levels registered in 9M 2019, indicating Edita's ability to maintain the momentum gathered since the start of the recovery. Meanwhile, on the cost side, the company will continue to focus on mitigating the impact from rising raw material costs. Edita achieves such mitigation by maintaining a tight rein on overheads and SG&A expenses, which has already allowed the company to protect profitability despite a challenging global macro environment. As Edita enters the final quarter of the year, its strategic priorities remain unchanged. The company continues working to deliver sustainable and diversified growth, in keeping with its long-term targets. Edita's immediate priority remains driving volume growth across its segments while further optimising its product portfolio. On this front, the company will continue to expand production capacity and roll out new, higher-value propositions, while shifting consumers increasingly towards higher price points. Edita will also leverage its strengthened distribution and sales function and its enhanced production capabilities to capture a growing share of the market across its various segments.
