Despite an increasingly difficult operating environment, Edita Food Industries, an Egypt-based consumer goods conglomerate led by multimillionaire businessman Hani Berzi, delivered a record-breaking financial performance at the end of the first nine months of its 2022 fiscal year, with its profit exceeding $25 million.
The group’s profit grew by more than 127.2 percent in the first nine months of 2022, from EGP277.4 million ($11.3 million) in the previous period to EGP630.2 million ($25.7 million), due to a double-digit increase in the total packaged food items sold, with cakes being the primary contributor to volume growth.
During the period under review, the group’s revenue climbed by 38.7 percent, from EGP3.71 billion ($151 million) to EGP5.14 billion ($209 million), owing to higher volumes and pricing advantages, as the average price per tonne rose by 42.5 percent due to direct and indirect price increases.
Edita implemented two rounds of direct price hikes and product reconfiguration to alleviate the effects of global inflationary pressures and continually rising commodity prices, as well as to protect profitability.
The first round of direct price hikes and product reconfiguration occurred in the fourth quarter of 2021, with the second round starting in the second quarter of 2022 and affecting the bakery and wafer divisions.
In Egypt’s increasing packaged snack food business, Edita Food Industries is a market leader. The company manufactures and sells a variety of branded snack goods through its large retail channel, including packaged cakes, croissants, rusks (baked wheat), and wafers.
Berzi, an Egyptian multimillionaire businessman who founded Edita Foods Industries in 1996 and presently serves as the company’s chairman and managing director, owns a major 41.95-percent stake in the leading packaged food maker through Quantum Invest BV.
