Snack food maker Edita Food Industries revenues increased 78% y-o-y to EGP 2.8 bn in1Q 2023 due to strong demand and higher prices, according to its earnings release (pdf).Net income recorded EGP 375.4 mn, up 2.5x on the same quarter in 2022, as the strong sales figures were boosted by efficiency savings that saw Edita expand its net profit margin to 13.5% from 9.5% in 1Q 2022.

Demand remains resilient even at higher prices: Sales volumes rose 34% y-o-y to more than 1.0 bn packs even as the company raised the average price per pack by more than 40% to EGP 2.69 in response to higher input costs. The company’s cake and bakery segments continued to drive growth. Revenues from the cakes segment more than doubled y-o-y to EGP 1.5 bn while bakery rose by two-thirds to EGP 767.5 mn. Cakes accounted for 54% of the company’s overall revenues and bakery 28%.

Moroccan operations expand: Revenues at Edita Morocco recorded EGP 149.5 mn in 1Q 2023 — up more than 7x from its first quarter of operations a year before. Growth in sales was driven by the addition late last year of a second production line for Twinkies at Edita’s Moroccan facility, according to a press release (pdf).

ICYMI- Edita earlier this week signed an agreement to acquire 100% of frozen bakery producer Fancy Foods, marking its first foray into the frozen baked goods market.

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