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Cairo-based consumer goods conglomerate, Edita Food Industries, led by multimillionaire businessman Hani Berzi, has unveiled ambitious plans to inject nearly EGP800 million ($25.9 million) into its operations this year.
The move comes as the company seeks to solidify its market leadership and expand its presence in the region. With impressive financial performance in the first quarter of 2023, Edita is poised for another year of substantial profit growth.
As part of its strategic expansion drive, Edita intends to bolster the capital of its fully-owned subsidiary, Fancy Foods Company, to EGP400 million ($12.94 million). The conglomerate aims to strengthen its operations, boost revenue, and enhance earnings through this capital infusion.
Edita is renowned as a market leader in Egypt’s flourishing packaged snack food market. The consumer goods group manufactures and distributes a wide range of popular branded snack products, including packaged cakes, croissants, rusks, and wafers, through its extensive retail network.
Founded by Hani Berzi in 1996, Edita has seen remarkable success under his leadership. Presently serving as chairman and managing director, Berzi holds a significant 41.95-percent stake in the company through Quantum Invest BV.
The decision to inject nearly EGP800 million ($25.9 million) into its operation follows its outstanding financial performance in the first quarter of 2023.
Under the leadership of Berzi, the company experienced a remarkable 146.2-percent rise in profits, reaching EGP399.92 million ($12.94 million). Buoyed by these impressive results, Edita aims to surpass its 2022 profits, which totaled EGP1.02 billion ($33.01 million).
In 2022, Edita witnessed a surge in profits, recording a 92.8-percent increase from EGP528.9 million ($17.1 million) in 2021 to EGP1.02 billion ($33.01 million). This growth in profits was driven by increased revenue, resulting from both pricing benefits and heightened demand for the company’s products.
