What:

Yesterday, Edita Food Industries revealed its consolidated earnings, encompassing the year ending on December 31, 2023. Here’s the rundown of key points…

Revenues: 

At EGP 12.1 billion, they jumped by 58.07% YoY.

Cake sales, representing 50% of total revenue, surged by 59.2% YoY, driven by price hikes and increased volumes.

Export revenue almost doubled, soaring by 107.3% YoY, crossing the one-billion mark and contributing 9.3% of total revenues last year, up from 7.1% in 2022.

Sales volume across segments hit 3,993 million packs, rising 12.9% YoY, despite increased pricing. This helps gauge the impact of inflation on the company’s performance.

Gross Profit:

At EGP 3.9 billion, a 50.7% hike.

Gross Profit Margin:

It slipped by 1.60% to 34.4% in 2023 from 32.8% in 2022. It means that the company’s cost of goods sold increased at a faster rate than its revenue. It may indicate a potential decrease in efficiency in the company’s operations.

Operating Profit:

It climbed to EGP 2.1 billion, a 60.15% surge.

Operating Profit Margin:

It slightly went up by 0.23% to 17.56%.

Net Profit:

It surged to EGP 1.6 billion, marking an impressive increase of 58.1% YoY.

Net Profit Margin:

It experienced a marginal change, edging up by just 0.01% YoY to reach 13.31%.