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Edita Food Industries, a Cairo-based consumer goods conglomerate led by Egyptian businessman Hani Berzi, has announced its intention to distribute dividends totaling EGP299.70 million ($9.7 million) to its shareholders.
The decision to pay out this substantial dividend was unanimously approved by the board members of Edita Food Industries during a meeting held on Oct. 10. The company’s dedication to rewarding its shareholders underscores its commitment to maximizing the value for its investors.
Subject to approval by the shareholders, the group will disburse a dividend of EGP0.42 ($0.0136) per share to all its shareholders, including Berzi, the conglomerate’s founder and chairman, who holds a stake of 41.95 percent through Quantum Invest BV.
Edita Food Industries has become dominant in Egypt’s packaged snack food market. Recognized for its wide array of branded snack products, which include packaged cakes, croissants, rusks (baked wheat), and wafers, the company has built an extensive retail network that spans the entire nation.
Founded in 1996 by Berzi, the visionary entrepreneur who presently serves as the chairman and managing director of the conglomerate, Edita Food Industries achieved an impressive upswing of 92.8 percent in profitability at the end of its 2022 fiscal year.
The conglomerate’s profits surged from EGP528.9 million ($17.1 million) in 2021 to an astounding EGP1.02 billion ($33.01 million). This remarkable increase in profitability was attributed to heightened revenue, fueled by favorable pricing dynamics and increased consumer demand for Edita’s diverse product portfolio.
The forthcoming dividend payment reflects the company’s unwavering commitment to sharing its success with its shareholders, further solidifying its position as a leader in Egypt’s packaged snack food industry. Shareholders will eagerly await the final approval of this generous payout at the upcoming general meeting.
