{"id":616331,"date":"2024-03-04T00:00:00","date_gmt":"2024-03-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/editas-bottom-line-rose-57-in-2023\/"},"modified":"2024-03-04T00:00:00","modified_gmt":"2024-03-04T00:00:00","slug":"editas-bottom-line-rose-57-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/editas-bottom-line-rose-57-in-2023\/","title":{"rendered":"Edita\u2019s bottom line rose 57% in 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Edita had a Molto good year: <\/strong>Snackmaker <a target=\"_blank\" href=\"https:\/\/edita.com.eg\/\" style=\"\" rel=\"noopener\">Edita Food Industries<\/a> \u2014 the companybehind kiosk favorites Todo Bomb, Molto, and Twinkies \u2014 saw its bottom line surge to EGP 1.5 bn in 2023, marking a 57% increase from the year before, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/155.pdf\" style=\"\" rel=\"noopener\">earnings<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/155.pdf\" style=\"\" rel=\"noopener\">release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/155.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. Revenues rose 58% y-o-y to EGP 12.1 bn for the year thanks to price hikes of an average 40% y-o-y increase per item sold and a 13% y-o-y increase in items sold. The company\u2019s net income margin held steady at 12%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The nation\u2019s sweettooth for cakes drove the trend: <\/strong>Half of the year\u2019s revenues came from cake sales, which were up 59% y-o-y to record EGP 6 bn. The growth was echoed across all segments, with biscuits up 106%, candy up 75%, bakery up 61%, and wafers up 45%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Price increases helped cushion increasing costs: <\/strong>\u201cHigher costs were driven by inflationarypressures and a series of devaluations to the EGP. Despite these challenges, Edita\u2019s strong revenues played a crucial role in absorbing the increases of direct material costs,\u201d the company said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis:<\/strong>The company\u2019s net income fell 2% y-o-y in 4Q 2023 to EGP 324 mn,while its top line rose 34% y-o-y to EGP 3.4 bn in the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenues were pushed up by an increase in sales and price hikes<\/p>\n","protected":false},"author":1,"featured_media":616332,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-edita","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"e55a95ac-7f27-446e-a2b4-28ea614b3d8e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/198.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian snackmaker Edita saw bottom line rise 57% in 2023","related_issue":[616322],"teaser":"Revenues were pushed up by an increase in sales and price hikes","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.881b28b2-9411-4b53-8e00-347d571d8eb2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Revenues increased by nearly 31% y-o-y, recording EGP 5.25 bn on the back of better pricing and sales volumes, the company said, adding that FY2021 volumes surpassed pre-covid levels,\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\/3\/41.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560401,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/25\/earnings-watch-edita-reports-2020-results\/","url_meta":{"origin":616331,"position":2},"title":"Earnings watch: Edita reports 2020 results","author":"enterpriseam admin","date":"25 February 2021","format":false,"excerpt":"Edita bottom line recovers from post-covid lockdown in the back half of 2020: Edita recorded EGP 302.2 mn in net income during 2020, down 16.6% y-o-y, according to the company\u2019s earnings release (pdf). The EGX- and LSE-listed snackfood manufacturer saw its net income in 4Q2020 grow 16% y-o-y, \u201csupported by\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":544667,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/editas-net-income-jumps-55-in-2021\/","url_meta":{"origin":616331,"position":3},"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":[]},{"id":558278,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/03\/earnings-watch-edita-etisalat-misr\/","url_meta":{"origin":616331,"position":4},"title":"Earnings watch: Edita, Etisalat Misr","author":"enterpriseam admin","date":"3 August 2021","format":false,"excerpt":"Edita\u2019s bottom line surged over twenty five-fold y-o-y in 2Q2021 to EGP 83 mn from EGP 3.1 mn in the previous year, driven by \u201cstrong top line growth,\u201d new product launches and recovering consumption, the company said in an earnings release (pdf). 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