Revenues for the quarter recorded EGP 964.1 million, down 1.8% Year on Year, in Quarter one (Q1) 2020.
Top-line performance was affected by slower snack food market activity during the Q1 of the year, which was further compounded with the onset of the global Covid-19 pandemic towards the end of the quarter, while Edita’s newly introduced products and value propositions during the quarter supported the company’s top-line.
Edita’s gross profit recorded EGP 335.5 million in 1Q2020, with a gross profit margin of 34.8%. Gross profitability remained intact thanks to Edita’s efforts in controlling its costs of direct materials.
Like all businesses across Egypt, Edita’s operations have been impacted by Covid-19, however, the company is standing on solid ground with a healthy liquidity position and robust contingency plans that will support it in the short term. Overall, Edita’s long-term growth strategy remains intact and is supported by solid fundamentals that go beyond the current crisis.
In April, the company announced distributing date a cash dividend of EGP 0.20 per share on April 26th to shareholders recorded on April 21st.
Edita Food Industries is an Egypt-based company that operates in the packaged snack food market. The Company manufactures, markets and distributes a range of branded baked snack products, including packaged cakes, croissants, rusks (baked wheat snacks), and wafers, as well as selected confectionary/candy products.
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