Egyptian businessman Hani Berzi will receive EGP83.9 million ($4.54 million) in dividends from his stake in Edita Food Industries after the consumer goods conglomerate reported a record double-digit percent increase in earnings at the end of 2021.
Edita Food Industries is a market leader in Egypt’s growing packaged snack foods market. Across its broad retail channel, the company manufactures and sells a variety of branded snack products such as packaged cakes, croissants, rusks (baked wheat) and wafers.
Berzi, an Egyptian multimillionaire businessman who founded Edita Foods Industries in 1996 and currently serves as chairman and managing director of the company, owns a significant 41.95-percent stake in the leading packaged foods manufacturer through Quantum Invest BV.
The $4.54-million dividend from his controlling stake in Edita Foods Industries will be paid from the group’s retained earnings of EGP1.92 billion ($103.8 million), as part of the EGP200 million ($10.8 million) cash distribution approved by the board of directors.
His dividend will be deposited into his account electronically on or after the company’s annual general meeting, according to the company’s announcement.
Edita Food Industries reported strong full-year results in 2021, with revenues exceeding EGP5 billion ($270.5 million), up 30.6 percent year-on-year.
Edita benefited from an optimized portfolio and increased consumer demand for its products to deliver strong bottom-line results, with net profits increasing by 52 percent to EGP528.87 million ($28.6 million) from EGP347.69 million ($18.81 million) the previous year.
As a result of the strong performance, the Board of Directors approved a dividend of EGP0.27 ($0.0146) per share to shareholders. The total value of the cash dividend payout is EGP200 million ($10.8 million).
