Edita, Led By Egyptian Businessman Hani Berzi, Sees Profits Slip Below 30 Million On Rising Costs
- Editas net profit fell 6.1 to 27.66 million in 2024, as rising costs and currency devaluation offset strong revenue growth.
- Editas cake revenue jumped 37.1 to 163.97 million, while biscuits saw explosive 144.4 growth, doubling year-over-year.
- Edita acquired a 49 stake in Iraqs Tuama Jebur Abbas for 8 million, marking its first manufacturing presence in the country.
Edita Food Industries, the Cairo-based consumer goods giant led by Egyptian businessman Hani Berzi, posted a mixed financial performance for 2024. While revenue surged, higher operational costs and currency devaluation cut into profits, pushing earnings below the previous years 30 million benchmark.
Profit takes a hit amid rising costsEditas net profit dropped 6.1 percent , falling from EGP1.51 billion 30 million to EGP 1.4 billion 27.66 million in 2024. The decline was largely driven by the Egyptian pounds devaluation in March and rising operational expenses, despite strong revenue growth.
On the bright side, revenue climbed 33.2 percent, jumping from EGP 12.13 billion 239.55 million to EGP 16.15 billion 319.12 million. This increase was fueled by price adjustments and higher sales volumes across key product categories.
Cake leads sales growthEditas cake segment remained the companys top performer, growing 37.1 percent to EGP 8.3 billion 163.97 million. The bakery division also saw steady growth, with revenue rising 14.5 percent to EGP 4.7 billion 92.85 million.
Other product categories posted strong gains. Wafers and rusks saw revenue climb 60.8 percent and 33.4 percent, respectively. The biggest jumps came from the candy and biscuit segmentscandy sales rose 57.6 percent, while biscuit sales more than doubled, surging 144.4 percent. Edita also made strides in frozen foods, which contributed EGP 72.3 million 1.43 million in its first full year.