A molto good quarter for Edita: Snackmaker Edita’s net income rose 49% y-o-y to EGP 424.9 mn in 3Q 2023 on the back of higher revenues, the EGX-listed company said in its latest earnings release (pdf).Revenues rose 55% during the quarter to EGP 3.1 bn, driven by growth across all segments, namely biscuits (79%), wafers (67%), and bakery (63%). The company’s profit margin was stable at 33% despite inflationary pressure thanks to “responsive pricing and cost-efficient strategies.”

Price hikes drove the growth: “Growth was driven by a series of direct and indirect price increases that have migrated consumers to higher average price points,” Edita said. The company raised prices by an average 46% y-o-y, pushing the average price per pack to EGP 3.15. The company sold some 989 mn packs during the quarter, up 6% from the same period last year.

A strong 2023 so far: The company’s net income rose 88% y-o-y to almost EGP 1.2 bn during the first nine months of the year, thanks to a 70% y-o-y jump in revenues pushing them to almost EGP 8.8 bn.

Overseas: Edita’s Morocco facility’s revenues saw a 192% y-o-y during 9M 2023 to record EGP 260 mn. On a similar note, Edita’s exports grew 48% to USD 10.1 mn in 3Q 2023 in comparison to the same period last year.

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