EARNINGS WATCH- Edita Food Industries recorded a net profit of EGP 89.4 mn in 3Q2018, up 34.1% y-o-y, up from EGP 66.7 mn, according to the company’s earnings release (pdf). Net revenue for the quarter was up 22.2% to EGP 1.02 bn, driven by “higher volumes and improvements in product mix,” as well as export sales. “Our third quarter results clearly reflect Edita’s ability to capture market growth and capitalize on new fundamentals and consumer dynamics. Our volumes continued to grow compared to both the previous year and last quarter, while our profitability is witnessing marked improvement as we control costs and benefit from economies of scale,” Edita Chairman Hani Berzi said. The quarter also saw the leading snack producer maintaining its market position in its core segments, holding a nearly 54% share of the cake market and growing its share of the croissant market to 64.5%. Edita’s primary focus for the coming year will be driving volumes and sales upwards while defending its market share, as well as expanding its footprint in the region.

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