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Edita Food Industries (Edita), an Egypt-based consumer goods conglomerate led by multimillionaire businessman Hani Berzi, nearly doubled its profits in the 2022 fiscal year, according to its recently published financial results.
The company’s profit surged by 92.8 percent, reaching EGP1.02 billion ($33.01 million) in 2022 from EGP528.9 million ($17.1 million) in 2021, owing to a significant increase in revenue driven by pricing benefits and heightened demand for its products.
Edita Food Industries experienced a significant boost in revenue during the period under review, with a 31.4 percent increase from EGP5.25 billion ($170 million) to EGP7.67 billion ($248.2 million).
The surge in its revenue was fueled by an increase in the volume of total packaged food items sold, combined with a pricing benefit resulting from a double-digit percentage increase in its average price per tonne. The price increase was attributed to both direct and indirect factors.
To mitigate the impact of global inflation and rising commodity prices and maintain profitability, Edita executed two rounds of direct price hikes and product reconfiguration.
The first round was implemented in the fourth quarter of 2021, while the second round was launched in the second quarter of 2022, specifically targeting the bakery and wafer divisions.
Edita Food Industries is a market leader in Egypt’s growing packaged snack food market.
The consumer goods group manufactures and sells a variety of branded snack products through its extensive retail channel, including packaged cakes, croissants, rusks (baked wheat), and wafers.
Berzi, who is the founder, chairman, and managing director of Edita, owns a substantial 41.95-percent stake in the leading packaged food manufacturer via Quantum Invest BV.
Thanks to the group’s robust financial performance, the board of directors declared EGP400 million ($12.9 million) in cash dividends for 2022.
Berzi is set to receive EGP168 million ($5.44 million) in dividends from his stake in the company.
