EARNINGS WATCH- Edita Food Industries recorded a net profit of EGP 25.1 mn in 2Q2018, up from a net loss of EGP 1.7 mn during the same period last year, according to the company’s earnings release (pdf). Edita’s revenues also grew 29.0% y-o-y to EGP 789.2 mn, driven by “continued growth in volumes.” For 1H2018, Edita registered a net profit of EGP 85.9 mn, up 122.1% y-o-y. “Our results in the second quarter leave us confident that demand is making a recover and that consumers are adapting to the new norm with prices stabilizing,” our friend Hani Berzi, Edita’s chairman and CEO, said. “Portfolio optimization and marketing efforts saw Edita defend its market share, cementing its lead with considerable gains in the croissant segment as well as maintaining its number one positions in the cake and candy segments,” according to the statement. The company’s primary focus for the second half of 2018 will “continue to be on volume growth through portfolio optimization and innovation, as well as profitability enhancement through cost minimization and increased operational efficiencies,” Berzi said.

Tags: