REG - Edita Food Ind SAE - Edita announces 3Q2023 Results

Edita Food Industries SAEAnnouncement

06/11/2023 07:00

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RNS Number : 4128S  Edita Food Industries S.A.E.  05 November 2023

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Cairo, 05 November 2023

Edita Food Industries Reports 3Q2023 Earnings

Edita delivers an-all time quarterly high revenue of EGP 3.1 billion, with
profitability mirroring top-line performance and recording a 48.5% y-o-y
increase in net profit to EGP 424.9 million, showing resilience in the face of
a challenging operating environment

 

Highlights of 3Q2023

Summary Income Statement (EGP mn)

 EGP mn        3Q2023   3Q2022   Change  9M2023   9M2022   Change
 Revenue       3,116.2  2,015.6  54.6%   8,754.0  5,147.7  70.1%
 Gross Profit  1,034.1  681.5    51.7%   2,827.2  1,756.8  60.9%
 % Margin      33.2%    33.8%            32.3%    34.1%
 EBITDA        671.8    439.6    52.8%   1,783.0  1,014.1  75.8%
 % Margin      21.6%    21.8%            20.4%    19.7%
 Net Profit    424.9    286.1    48.5%   1,182.4  630.2    87.6%
 % Margin      13.6%    14.2%            13.5%    12.2%

The discussion and analysis in this report are based on the IFRS statements.
For comparison of the results to Egyptian Accounting Standards, please refer
to the section "Egyptian Accounting Standards Reconciliation to IFRS."

 

Results in a Nutshell

Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange & EFID.L on
the London Stock Exchange), a leader in the Egyptian packaged snack food
market, announced today its results for the quarter ended 30 September 2023,
record-ing revenue of EGP 3,116.2 million, up 54.6% y-o-y primarily driven by
improved pricing and strong performance across all segments. Edita's
profitability pre-vailed against the challenging operating environment, with
gross profit rising 51.7% y-o-y to EGP 1,034.1 million and gross profit margin
remaining stable at 33.2%. This positive trend continued down the income
statement, with EBITDA increasing 52.8% y-o-y to reach EGP 671.8 million, and
net profit expanding by 48.5% y-o-y to register EGP 424.9 million, with an
associated margin of 13.6%.

 

On a nine-month basis, Edita recorded revenues of EGP 8,754.0 million in
9M2023, up 70.1% compared to the first nine months of 2022 supported by strong
and consistent growth across the past three quarters. Over the same pe-riod,
net profit grew 87.6% y-o-y to reach EGP 1,182.4 million, with an expanded
margin of 13.5% compared to 12.2% in 9M2022, continuing an increasing trend in
profit margin quarter-on-quarter.

 

Edita's flexible and dynamic business model and its ability to adjust pricing
strategies, while introducing new products that cater to consumers' demand,
has allowed the company to navigate economic headwinds and maintain its growth
trajectory. This was highlighted in Edita's impressive double-digit sales
growth across all six of its segments for the quarter. Growth was driven by a
se-ries of direct and indirect price increases that have migrated consumers to
high-er average price points, while maintaining volume growth and market
share. In 3Q2023, Edita implemented a 45.7% y-o-y increase in average price
per pack to reach EGP 3.15, while average price per ton was 56.4% higher than
in the same quarter last year. Despite the price increase, total packs sold
reached 989 mil-lion up by a 6.1% y-o-y increase. This was accompanied with
stable amounts of tons sold, with bakery being the main driver of volume
growth in 3Q2023. On a nine-month basis, the average price per pack increased
39.6% y-o-y to EGP 2.93 and total packs sold came in at 2,983 million, up an
impressive 21.8% compared to 9M2022.

 

In 3Q2023, gross profit reached EGP 1,034.1 million, marking a substantial
51.7% y-o-y increase with an exceptional improvement in gross profit and
margins at the cake segment. Strong gross profit growth and stable margins
came despite a 60.9% y-o-y increase in cost of sales to EGP 1,770.3 million in
3Q2023. High-er costs were driven by sever inflationary pressures on Edita's
direct materials. However, Edita successfully absorbed higher direct material
costs with improved pricing and higher operational efficiencies, with
manufacturing overheads (MOH) as a percentage of sales having declined to 8.8%
in 3Q2023 versus the 9.9% recorded last year. In 9M2023, Edita recorded gross
profit of EGP 2,827.2 million, a strong 60.9% y-o-y growth with an associated
margin of 32.3%.

 

Total SG&A increased to EGP 411.5 million in 3Q2023, up 42.7% y-o-y due to
a 58.7% y-o-y increase in general and administrative expenses, a 34.1% y-o-y
increase in selling and distribution expenses, and a 30.8% y-o-y increase in
ad-vertising and marketing expenses. Nevertheless, SG&A as a percentage of
sales was down to 13.2% compared to 14.3% in the same quarter last year. On a
year-to-date basis, total SG&A recorded EGP 1,220.9 million, accounting
for 13.9% of sales against 16.7% recorded over the same period last year.

 

EBITDA for the quarter stood at EGP 671.8 million, up 52.8% y-o-y with a
stable EBITDA margin of 21.6%. Edita continued to maintain its EBITDA
profitability de-spite elevated costs supported by SG&A efficiency and
high operating leverage. On a nine-month basis, EBITDA went up by 75.8% y-o-y
to reach EGP 1,783.0 mil-lion, with an expanded EBITDA margin of 20.4% on the
back of a series of strong quarter-on-quarter performances.

 

Edita's top-line performance was mirrored in its bottom-line, which rose by
48.5% y-o-y to EGP 424.9 million in 3Q2023, with an associated profit margin
of 13.6%. Year-to-date, net profit came in at EGP 1,182.4 million, increasing
by a notable 87.6% y-o-y with an expanded net profit margin of 13.5% against
12.2% recorded in 9M2022.

 

Edita recorded gross export sales of EGP 312.0 million, up by a significant
141.0% y-o-y and contributing 10% to total revenue during the quarter compared
to 7% in 3Q2022. In USD terms, export sales booked USD 10.1 million, up 48.0%.
YTD, export sales booked USD 25.2 million, up 48.5%.

 

On the regional front, Edita's facility in Morocco recorded EGP 36.0 million
in revenues, remaining stable compared to last year. On a nine-month basis,
rev-enues reached EGP 259.6 million, up 191.7% y-o-y.

 

Operational Developments

Edita constantly seeks opportunities to diversify revenue streams, broaden
product portfolio, and penetrate new segments. Most recently, the company
acquired popular frozen food player 'Fancy Foods' in May 2023, marking Edita's
venture into the adjacent frozen snack segment.  The business acquisition
gave Edita full possession of assets - including two production lines,
machinery, and land property, which the company quickly brought up to its high
operating and quality standards and commenced operations at its new
subsidiary, Edita Frozen Food industries in October 2023. Whereafter, Edita
launched its initial product line "Molto Forni" offering a range of frozen
baked products designed and marketed specifically for "consumption at home".
This comes in line with Edita's growth strategy to diversify revenue streams
and capitalize on operational synergies.

 

Over the past nine months, the company has introduced a wide range of
differentiated products across its segment that ensure continued value
creation for its consumers and shareholders alike. In October, Edita launched
its latest bakery product, Molto Yums, a filled pie offering available in
three flavors: Chocolate Hazelnut, Apple Cinnamon, and Custard, priced at EGP
12.  Earlier that month, the company also launched the Molto Forni line. The
line introduced frozen croissant and puff pastry products including two plain
frozen croissant variants (6 pcs and 12 pcs) retailing at EGP 28 and EGP 50,
and puff pastry products available in two sizes (6 pcs and 12 pcs) ranging
from EGP 33 to EGP 70 with three savory filling flavors: white cheese, white
cheese & olives, and Roumy cheese. In June, Edita migrated consumers to
higher price points across its cake and rusks segments, introducing new SKUs
retailing at EGP 7 for HOHOs Mix and HOHOs Extreme and EGP 10 for rusks,
respectively. This falls right under Edita's responsive pricing strategies
that have been necessary in overcoming inflationary pressure. Earlier in
April, the company introduced Oniro Coated Lava, a chocolate and vanilla
biscuit filled with chocolate hazelnut cream and coated with chocolate, priced
at EGP 5 per pack. The launch of this product aligned with Edita's strategy to
solidify biscuit revenue, as well as grow the company's presence across this
snack food item. In the start of 2023, Edita also launched Molto Magnum Mix in
three flavors: chocolate and cream, salted caramel and cream, and strawberry
cheesecake and cream. This product was available in two sizes - single serve
croissants and mini croissants - both priced at EGP 10 per pack. Edita also
introduced Molto XXL Plus in the same month, a new variation of the popular
Molto XXL, with additional flavor filling, and retailing at EGP 7.

 

Edita has sought financing to facilitate the development and expansion of its
operations within the snack food industry. In October 2023, the company
secured a USD 45 million loan from the International Finance Corporation (IFC)
with an eight-year tenor and a two-year grace period. Edita will utilize this
loan in supporting its ambitious growth plans, which include both diversifying
revenue streams and expanding its geographical footprint across regional
markets. Moreover, the loan will be used in refinancing USD 10 million of the
company's existing debt. Earlier in September 2023, Edita had also signed two
new-medium-term loan agreements with the National Bank of Kuwait (NBK), both
with a maturity of 7 years. The initial loan was allocated to finance 50% of
the Fancy Foods acquisition, totalling EGP 190 million.  The second loan of
EGP 200 million was injected into the company's new subsidiary Edita Frozen
Food Industries.

 

Overview of Segment Performance

In 3Q2023, Edita's consolidated top-line reached EGP 3.1 billion, marking a
54.6% year-on-year growth, driven by a strong performance across all six
segments. Top-line growth was primarily driven by the cake and bakery
segments, which showed a solid performance during the quarter. The cakes
segment generated revenues of EGP 1,499.4 million, representing a notable
47.8% y-o-y revenue growth on the back of a 52.9% y-o-y rise in the average
price per pack, which offset a 3.3% de-crease in number of packs sold.
Revenues at the bakery segment grew 63.4% y-o-y to record EGP 1,160.1 million
in 3Q2023. This was dual-driven by a 32.4% y-o-y in-crease in the average
price per pack and a 23.4% increase in sale volumes, reflect-ing another
quarter of strong volume recovery in the bakery segment. Moreover, the wafer
segment witnessed a 66.7% y-o-y increase in revenue, reaching EGP 234.4
million in 3Q2023 due to a 38.8% increase in packs sold and a 20.0% rise in
aver-age price per pack compared to the same quarter last year. Meanwhile the
rusks segment recorded a 34.0% y-o-y revenue growth, totaling EGP 130.8
million, driven by a 38.4% y-o-y increase in the average price per pack, which
offset a 3.2% y-o-y decrease in the number of packs sold. Candy revenue also
demonstrated strong growth in 3Q2023, climbing 70.3% y-o-y to EGP 75.6 million
on the back of a substantial 35.3% y-o-y increase in number of packs sold and
a 25.8% y-o-y increase in the av-erage price per pack. Lastly, the biscuits
segment witnessed a 79.0% y-o-y revenue increase reaching EGP 15.4 million,
attributable to a 57.6% y-o-y increase in the average price per pack and a
13.6% increase in number of packs sold.

 

Edita's consolidated gross profit grew 51.7% y-o-y to EGP 1,034.1 million on
the back of solid growth across all segments. The company's dynamic and agile
business model effectively absorbed the increased costs of direct materials
while maintaining prof-itability through effective pricing strategies,
leveraging operational efficiency, and optimizing manufacturing overhead
(MOH).

 

On a segment basis, the cakes segment recorded a 69.6% y-o-y growth in gross
profit, reaching EGP 571.1 million in 3Q2023 and yielding an enhanced gross
profit margin of 38.1% compared to 33.2% in 3Q2022. This was on the back of
indirect price increases that were implied across the product portfolio during
the quarter. Meanwhile, the bakery segment recorded a 25.9% y-o-y increase in
gross profit to EGP 333.0 million in 3Q2023. However, the GPM for this segment
declined to 28.7% from 37.2% in the same quarter of the previous year due to
the inflationary pressures on the cost base. The wafers segment delivered
significant growth with a 70.7% y-o-y expansion in gross profit to EGP 72.1
million in 3Q2023, with an associated enhancement in GPM to 30.8% from 30.0%
recorded in 3Q2022 due to MOH efficiencies. Gross profit in the rusks segment
reached EGP 36.4 million in 3Q2023, representing a 29.9% y-o-y growth with a
slightly lower GPM of 27.9% compared to 28.7% in 3Q2022. As for the candy
segment, gross profit surged 150.9% y-o-y to EGP 23.3 million, with an
ex-panded GPM of 30.8% compared to 20.9% in 3Q2022 due to MOH efficiencies and
operating leverage. The biscuits segment continues to deliver significant
strides at the gross profit level, up by a substantial 406.4% y-o-y to EGP 3.8
million in 3Q2023, and a marked expansion in GPM to 24.7% versus 8.7% in
3Q2022.

 

Revenue and Gross Profitability by Segment

 EGP mn               3Q2023   3Q2022   Change   9M2023   9M2022   Change
 Cakes
 Revenue              1,499.4  1,014.2  47.8%    4,464.3  2,507.7  78.0%
 Gross Profit         571.1    336.8    69.6%    1,550.0  847.3    82.9%
 Gross Profit Margin  38.1%    33.2%    4.9pts   34.7%    33.8%    0.9pts
 Bakery
 Revenue              1,160.1  710.0    63.4%    2,862.1  1,677.6  70.6%
 Gross Profit         333.0    264.5    25.9%    864.6    616.5    40.3%
 Gross Profit Margin  28.7%    37.2%    -8.5pts  30.2%    36.7%    -6.0pts
 Wafers
 Revenue              234.4    140.7    66.7%    782.5    527.5    48.3%
 Gross Profit         72.1     42.3     70.7%    249.9    178.0    40.4%
 Gross Profit Margin  30.8%    30.0%    0.8pts   31.9%    33.7%    -1.8pts
 Rusks
 Revenue              130.8    97.7     34.0%    382.3    275.9    38.6%
 Gross Profit         36.4     28.0     29.9%    107.0    81.7     31.0%
 Gross Profit Margin  27.9%    28.7%    -0.8pts  28.0%    29.6%    -1.6pts
 Candy
 Revenue              75.6     44.4     70.3%    204.2    126.8    61.1%
 Gross Profit         23.3     9.3      150.9%   54.3     26.8     102.9%
 Gross Profit Margin  30.8%    20.9%    9.9pts   26.6%    21.1%    5.5pts
 Biscuits
 Revenue              15.4     8.6      79.0%    58.2     32.2     80.7%
 Gross Profit         3.8      0.8      406.4%   10.1     6.8      47.7%
 Gross Profit Margin  24.7%    8.7%     16.0pts  17.3%    21.2%    -3.9pts
 Total Revenues*      3,116.2  2,015.6  54.6%    8,754.0  5,147.7  70.1%
 Total Gross Profit*  1,034.8  681.5    51.7%    2,827.2  1,756.9  60.9%
 Total GPM            33.2%    33.8%    -0.6pts  32.3%    34.1%    -1.8pts

*Includes contributions from Edita's imports segment

 

 

 

 EGP                   3Q2023  3Q2022  Change  9M2023  9M2022  Change
 Cakes
 Packs (mn)            590     610     -3.3%   1,855   1,532   21.1%
 Tons (000s)           15.2    17.1    -10.9%  51.4    45.1    14.0%
 Av. Price (EGP)       2.54    1.66    52.9%   2.41    1.64    47.0%
 Bakery
 Packs (mn)            262     212     23.4%   654     510     28.2%
 Tons (000s)           13.6    12.3    10.9%   34.6    30.1    14.8%
 Av. Price (EGP)       4.43    3.34    32.4%   4.38    3.29    33.1%
 Wafers
 Packs (mn)            86      62      38.8%   307     258     19.0%
 Tons (000s)           1.8     1.5     19.3%   6.5     6.0     6.9%
 Av. Price (EGP)       2.73    2.27    20.0%   2.55    2.04    24.7%
 Rusks
 Packs (mn)            33      35      -3.2%   107     110     -2.3%
 Tons (000s)           1.3     1.5     -13.1%  4.0     4.6     -11.9%
 Av. Price (EGP)       3.91    2.83    38.4%   3.57    2.51    41.8%
 Candy
 Packs (mn)            14      10      35.3%   42      25      65.4%
 Tons (000s)           0.8     0.7     9.7%    2.5     2.2     10.9%
 Av. Price (EGP)       5.44    4.32    25.8%   4.86    4.99    -2.6%
 Biscuits
 Packs (mn)            4       4       13.6%   18      13      34.8%
 Tons (000s)           0.1     0.1     -3.7%   0.6     0.5     20.9%
 Av. Price (EGP)       3.86    2.45    57.6%   3.24    2.42    34.0%
 Total Packs* (mn)     989     933     6.1%    2,983   2,449   21.8%
 Total Tons* (000s)    32.9    33.3    -1.1%   99.6    88.6    12.4%
 Av. Price/Pack (EGP)  3.15    2.16    45.7%   2.93    2.10    39.6%

*Includes contributions from Edita's imports segment

 

 

 

 

Balance Sheet

The company's total loans and borrowings as at 30 September 2023 stood at EGP
1,846.7 million, up from EGP 1,496.9 million as at 31 December 2022, due to
Edita's re-cent signing of two loans from NBK. Total bank overdrafts recorded
EGP 696.0 million in the first nine months of 2023 versus EGP 501.7 million
recorded at the end of 2022. Cash balance stood at EGP 1,431.7 million as at
30 September 2023, up from EGP 1,389.0 mil-lion at year-end 2022. Edita
recorded a net debt of EGP 415.0 million as at 30 Septem-ber 2023 compared to
EGP 107.8 million in net debt as at 31 December 2022.

 

Edita booked inventories of EGP 1,615.4 million as at 30 September 2023, up
from EGP 981.5 million as at year-end 2022. Meanwhile, trade and notes
receivable stood at EGP 157.3 million as at 30 September 2023, up from EGP
141.9 million as at 31 December 2022.

 

Total CAPEX for the nine-month period ended 30 September 2023 came in at EGP
270.2 million, with an almost equal contribution between expansionary
additions and motor vehicle expenses, and a smaller contribution from total
maintenance costs.

 

Egyptian Accounting Standards Reconciliation to IFRS

Edita's EAS and IFRS financial statements differ in the treatment of
employees' profit share, which is expensed under the IFRS, while the EAS
accounts for them as a distribution and are thus not included on the income
statement. Also, EAS and IFRS differ in the calculation of EBITDA. In 9M2023,
EGP 46.5 million in FX gain and EGP 1.8 million related to gains on the sale
of fixed assets were deducted from EBITDA. Moreover, a profit share deduction
of EGP 88.3 million was made, bringing total EAS to IFRS adjustments on EBITDA
to EGP 1,783.0 million. A recon-ciliation between Edita's financial statements
in EAS with the IFRS-based finan-cial statements for 9M2023 is provided in the
table below.

 in EGP mn*         3Q2023 EAS                    Adjustment                 3Q2023 IFRS
 Net Sales                              8,754.0                               8,754.0
 COGS (excluding MOH)                   5,038.3                               5,038.3
 MOH                                    734.0      (39.9)                     773.9
 Total                                  5,886.9                               5,926.7
 Gross Profit                           2,867.1    39.9                       2,827.2
 Selling & Distribution Exp.            399.3               (27.3)            426.6
 Advertising & Marketing Exp.           283.1                                 283.1
 General & Admin. Exp.                  490.1      (21.1)                     511.2
 Other Operational Exp.                 79.1       1.4                        77.7
 Profit from Operations                 1,615.5    86.9                       1,528.6
 Profit from Operations Margin         18.5%                                 17.5%
 Lease Finance Interest                 12.1       (0.5)                      12.7
 Profit Before Income Tax               1,668.4                               1,581.0
 Income Tax Expense                     398.5                                 398.5
 Net Profit After Tax                   1,269.9    87.4                       1,182.4
 EBITDA                                 1,919.6    136.6                      1,783.0
 EBITDA Margin                         21.9%                                 20.4%

*Figures are based on management accounts for better disclosure on expenses
breakdown

 

 

-Ends-

 

 

 

About Edita Food Industries

Edita, founded in 1996 and headquartered in Egypt, is a leader in the growing
Egyptian packaged snack food market. The Company manufactures, markets and
distributes a range of branded baked snack products including packaged cakes,
bakery, rusks (baked wheat), wafers and biscuits as well as selected
confectionary/candy products. The Company's local brand portfolio includes
household names such as TODO, Molto, Bake Rolz, Bake Stix, Freska, Oniro and
MiMix. The Company also has the exclusive ownership of the international
Hostess brands Twinkies, HOHO's and Tiger Tail in Egypt, Libya, Jordan,
Palestine, Morocco, Algeria, Tunisia, Syria, Lebanon, Iraq, Bahrain, Oman, the
UAE, Kuwait, Qatar and Saudi Arabia; and is party to a technical assistance
and know-how agreement to manufacture 11 additional Hostess brands across its
territories. The Company holds strong number-one market positions in its core
cake and bakery segments as well as in rusks, a leading market position in
candy and a growing market position in the wafers segment. In 3Q2023, the
Company derived 90.0% of its revenue from Egypt and 10.0% from regional export
markets. Learn more at ir.edita.com.eg.

 

Contacts

Ms. Menna Shams El Din

Head of Investor Relations & Corporate Affairs

T: +202 3851-6464 | M: +2010 0 154 2428 | menna.shamseldin@edita.com.eg
(mailto:menna.shamseldin@edita.com.eg)

 

Ms. Alia Balbaa

Investor Relations Manager

T: +202 3851-6464 | alia.balbaa@edita.com.eg (mailto:alia.balbaa@edita.com.eg)

 

 

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