Obour Land targeting 25-30% revenue growth rate in 2017

Cheese maker Obour Land is targeting an annual growth rate of 25-30% in FY2017, the company said in a statement. Obour Land is looking to grow its carton-packed white cheese market share to 42% by the end of FY2017, and 45% by end of FY2018. The company says it gradually increased its selling prices during the course of FY2016 by 46%, to an average price of EGP 20 per kg by the beginning of 2017 and will continue hiking prices to an average price of EGP 23-23.5 per kg by 2Q2017. The price increases, Obour Land says, are necessary in order to pass on the increase in production costs while sustaining healthy sales volumes should the FX rate stay at levels between EGP 19.5-20 per USD 1.