Egyptian foodmaker Edita says receives Arab Bank’s two medium term loans

Egyptian foodmaker Edita has announced on Wednesday that it received two medium term loans from Arab Bank totalling 229.5 million Egyptian pounds ($25.8 million).

The first loan is worth 170 million pounds, the company added in a press statement to Egyptian stock exchange.

Edita for Food Industries further said that it is scheduled to pay the first loan over seven years including a grace period.

The loan is to finalise construction works on Edita’s new plant E08, added the Egyptian firm.

The other medium term loan is estimated at €6 million ($6.7 million) equivalent to 59.45 million pounds over seven years to finalise expanding plan in a new production line.

Edita’s financial statements showed profits dropped by 40 percent within the first half of 2016.

Net profit reached 87.261 million pounds during the six months ended on June 30, 2016, compared to 148.258 million pounds in the same period in 2015.

Total sales grew 2.4 percent to reach 1.068 billion pounds within the first half of 2016, from 1.043 billion pounds in the same period of 2015.