Egyptian dairy and juice maker Arabian Food Industries Company (Domty) studies raising prices of its products by the end of 2016.
Head of Investors Relations at the company, Ahmed El-Homosany told Amwal Al Ghad Tuesday that the rise in dollar prices in banks is the reason behind raising products’ prices.
He clarified that increasing product’s prices comes due to the hike in materials and sugar prices for the industrial sector, adding that the company would determine the rise by the end of 2016 after finishing studies conducted on local markets.
Since the beginning of the fourth quarter of 2016, Domty raised prices of its products by 30 percent following the movement of floating Egyptian pound against dollar.
During the first nine months of 2016, Domty attained sales volume estimated at 1.24 billion pounds, making a 19 percent increase in comparison to the sales volume achieved during the same period of 2015.
Moreover, El-Homosany added that his company targets raising its sales volume by around 20 percent by the end of 2016.