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Egypt foodmaker Edita targets sales of $327m

CAIRO, April 1, 2015

Egyptian foodmaker Edita is targeting sales of more than E£2.5 billion ($327.65 million) in 2015, its chief executive officer Hani Berzi told Reuters in an interview.

The company, which was established in 1996, recently launched a private institutional offering of shares on the Egyptian stock exchange (EGX) and global depository receipts (GDRs) on the London Stock Exchange.

The stock will start trading on Egypt's bourse today at 18.50 Egyptian pounds per share.

A flurry of mergers and rights issues have boosted activity on the Cairo exchange, which had struggled to win investor confidence during four years of political and economic turmoil since the Arab Spring uprising.

Food is seen as a fast-growing sector in the most populous Arab nation of about 90 million people.

Berzi said his firm hopes to maintain earnings before interest, taxes, depreciation and amortization of 24 percent in 2015. "We are seeking sales of more than 2.5 billion pounds," he said. Last year's sales stood at 1.9 billion pounds.

Edita, which makes an array of snacks and cakes, plans to buy land in October 6 city near Cairo in April in order to build a fifth factory.

The company's share of the snacks market in Egypt stands at between 13-14 per cent, Berzi said.

Edita will keep investing more than 200 million pounds in Egypt per year, Berzi added. - Reuters




Tags: Egypt | Edita | biscuit maker |

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