{"id":587706,"date":"2023-05-31T00:00:00","date_gmt":"2023-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/editas-net-income-more-than-doubles-in-1q-2023\/"},"modified":"2023-05-31T00:00:00","modified_gmt":"2023-05-31T00:00:00","slug":"editas-net-income-more-than-doubles-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/editas-net-income-more-than-doubles-in-1q-2023\/","title":{"rendered":"Edita\u2019s net income more than doubles in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Snack food maker Edita Food Industries revenues increased 78% y-o-y to EGP 2.8 bn<\/span><span style=\"font-weight:700\"> in<\/span><span style=\"font-weight:700\">1Q 2023 <\/span><span>due to strong demand and higher prices, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1646.pdf\" style=\"\">earnings release (pdf).<\/a><\/span><span style=\"font-weight:400;\">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. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Demand remains resilient even at higher prices: <\/span><span style=\"\">Sales volumes rose 34% y-o-y to more than <\/span><span>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\u2019s cake and bakery segments continued to drive growth. <\/span><span style=\"font-weight:400;\">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\u2019s overall revenues and bakery 28%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Moroccan operations expand: <\/span><span style=\"\">Revenues at Edita Morocco recorded EGP 149.5 mn in 1Q <\/span><span>2023 \u2014 up more than 7x from its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d3eb8bc-1d3d-4df6-b974-f3a3cbcb6ddd\" style=\"\">first quarter<\/a><\/span><span> of operations<\/span><span> a year before. Growth in sales was driven by the addition late last year of a second production line for Twinkies at Edita\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5021b9f-77d7-4bec-b370-92a0cd7e0f83\" style=\"\">Moroccan facility<\/a><\/span><span>, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1630.pdf\" style=\"\">press release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI- <\/span><span style=\"\">Edita <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e180ead-2cd4-4dd4-8f3a-c3c4ac70467e\" style=\"\">earlier this week<\/a><\/span><span style=\"\"> signed an agreement to acquire 100% of frozen bakery producer <\/span><span style=\"font-weight:400;\">Fancy Foods, marking its first foray into the frozen baked goods market. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand continued to grow even as Edita ramped up prices<\/p>\n","protected":false},"author":1,"featured_media":587707,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[409,191,72,564,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-edita","tag-enterpriseam","tag-food","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"e40a12ac-665a-4d21-a312-9357cffeaa9a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1639.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Edita profits more than double in 1Q 2023","related_issue":[587692],"teaser":"Demand continued to grow even as Edita ramped up prices","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.aa3c56ca-535b-42c1-84b4-525c37fb62b1.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company\u2019s net income more than doubled during the year to EGP 959.4 mn, while revenues rose almost 50% to EGP\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Edita-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546422,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/","url_meta":{"origin":587706,"position":1},"title":"Earnings: Edita, ABK Egypt","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"Edita Food Industries\u2019 net income rose 86% y-o-y in 1Q 2022 to EGP 148.1 mn, according to the company\u2019s latest earnings release (pdf). The company said that bottom line growth \u201creflected improved performance down the income statement\u201d, with revenues jumping 34% y-o-y to EGP 1.56 bn, backed by strong performance\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562208,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/edita-net-income-grows-by-a-quarter-in-1q2021\/","url_meta":{"origin":587706,"position":2},"title":"Edita net income grows by a quarter in 1Q2021","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"Edita\u2019s net income grew 25.3% y-o-y in 1Q2021 to EGP 80.7 mn on the back of recovering consumption \u201ccoupled with rising demand for Edita\u2019s products,\u201d as well as a bump in product prices, the company said in an earnings release (pdf). The snackfood maker also saw its top line growing\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":665990,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/27\/elsewedy-electric-edita-report-1q-earnings\/","url_meta":{"origin":587706,"position":3},"title":"Elsewedy Electric, Edita report 1Q earnings","author":"enterpriseam admin","date":"27 May 2025","format":false,"excerpt":"Elsewedy Electric saw its net income after minority interest increase by 4.2% y-o-y during the quarter","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/685.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577246,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/","url_meta":{"origin":587706,"position":4},"title":"Edita, GB Auto, e-Finance, ODE and EKH report 3Q 2022 earnings","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Bold-name companies were in with buzzer-beaters as 3Q earnings season winds down. Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. Here\u2019s the rundown:EDITA Edita Food Industries reported record net income and revenues in 3Q 2022 on the back of stronger\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544667,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/editas-net-income-jumps-55-in-2021\/","url_meta":{"origin":587706,"position":5},"title":"Edita\u2019s net income jumps 55% in 2021","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Edita Food Industries\u2019 net income rose 55% in 2021, reaching EGP 472 mn, according to the company\u2019s latest earnings release (pdf). The bottom line growth was supported by a 31% increase in revenues, which rose to EGP 5.25 bn on the back of better pricing and sales volumes, the company\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587706"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587706\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587707"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587706"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587706"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}