Egypt’s Edita targets $327 m Sales in 2015

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

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

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.

Company’s share of the snacks market in Egypt stands at between 13-14 per cent, Berzi said. He estimates the overall value of the snacks market to be some LE 15.5 billion.

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

Source: Reuters