REG - Edita Food Ind SAE - FY2021 Preliminary Results

Edita Food Industries SAEAnnouncement

02/03/2022 14:30

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RNS Number : 4189D  Edita Food Industries S.A.E.  02 March 2022

Edita Food Industries Reports Preliminary Unaudited FY2021 Earnings

Edita recorded strong full year results with revenues reaching EGP 5.3
billion, up by 30.7% y-o-y with enhanced bottom-line profitability, which grew
by a strong 56.5% y-o-y to EGP 473.0 million. Full year results were supported
by Edita's successful repricing strategies and resilient volumes in 4Q21.

Cairo, 2(nd) March 2022

Summary Unaudited Income Statement - IFRS (EGP mn)

 EGP mn        4Q2021     4Q2020   Change  FY2021   FY2020   Change
 Revenue        1,542.5   1,229.3  25.5%   5,254.3  4,021.1  30.7%
 Gross Profit  518.0      445.9    16.2%   1,665.2  1,387.4  20.0%
 % Margin      33.6%      36.3%            31.7%    34.5%
 EBITDA        290.4      228.3    27.2%   840.3    653.7    28.6%
 % Margin      18.8%      18.6%            16.0%    16.3%
 Net Profit    196.8      127.2    54.7%   473.0    302.2    56.5%
 % Margin      12.8%      10.3%            9.0%     7.5%

*The figures displayed here are based on unaudited results drawn from
management accounts and finance department numbers. (IFRS)

 

Financial and Operational Highlights

·      Impressive growth in revenues for FY2021 was driven both by
higher volumes and pricing, with Edita capitalizing on its optimized and
diversified product portfolio and growing consumer demand for its products.

·      Volumes for FY2021 continued to exceed pre-COVID-19 levels and
reached pre-devaluation levels, exhibiting Edita's ability to drive demand at
higher price-points and deliver growth despite a challenging operating
environment.

·      Gross profit increased by 20.0% year-on-year in FY2021, with the
Company protecting its gross profit margin with higher MOH efficiencies and
portfolio optimization despite surges in raw material costs and record-high
global commodity prices.

·      EBITDA was up 28.6% with a stable margin at 16.0% for FY2021,
reflecting double-digit top-line growth and an improved SG&A to sales
ratio.

·      The Company's bottom line expanded by a significant 56.5% y-o-y
in FY2021 on the back of strong revenue growth driven by increases in volumes
and average prices across segments.

·      Strong performances in the cakes, bakery, and wafers segments.
Cakes and bakery were the largest contributing segments to revenues with 31.3%
y-o-y and 28.0% y-o-y growth, respectively. Wafers was the fastest-growing
segment for the year with an 81.6% y-o-y expansion in top line.

·      Edita commenced operations in Morocco in 4Q2021 with the launch
of three SKUs of the flagship HOHOs brand.

 

 

Unaudited Revenue and Gross Profitability by Segment*

 EGP mn                4Q2021   4Q2020   Change   FY2021   FY2020   Change
 Cakes
 Revenue               655.4    495.9    32.2%    2,245.2  1,710.5  31.3%
 Gross Profit          234.1    198.4    18.0%    772.9    669.7    15.4%
 Gross Profit Margin   35.7%    40.0%    -4.3pts  34.4%    39.2%    -4.7pts
 Bakery
 Revenue               559.1    491.3    13.8%    1,928.8  1,507.0  28.0%
 Gross Profit          197.9    181.6    9.0%     611.4    512.8    19.2%
 Gross Profit Margin   35.4%    37.0%    -1.6pts  31.7%    34.0%    -2.3pts
 Wafers
 Revenue               187.8    111.0    69.2%    610.6    336.2    81.6%
 Gross Profit          52.1     33.1     57.7%    170.5    85.2     100.2%
 Gross Profit Margin   27.8%    29.8%    -2pts    27.9%    25.3%    2.6pts
 Rusks
 Revenue               101.1    80.1     26.1%    302.3    287.8    5.1%
 Gross Profit          30.2     27.1     11.2%    87.1     85.2     2.2%
 Gross Profit Margin   29.9%    33.9%    -4pts    28.8%    29.6%    -0.8pts
 Candy
 Revenue               38.2     40.0     -4.5%    151.6    157.6    -3.8%
 Gross Profit          4.1      7.0      -41.3%   21.8     34.8     -37.3%
 Gross Profit Margin   10.7%    17.5%    -6.7pts  14.4%    22.1%    -7.7pts
 Biscuits
 Revenue               0.5      10.1     -94.6%   14.4     17.8     -19.4%
 Gross Profit          (0.5)    (1.7)    -        0.8      (2.7)    -
 Gross Profit Margin   -        -        -        -        -        -
 Total Revenues**      1,542.5  1,229.3  25.5%    5,254.3  4,021.1  30.7%
 Total Gross Profit**  518.0    445.9    16.2%    1,665.2  1,387.4  20.0%
 Total GPM             33.6%    36.3%    -2.7pts  31.7%    34.5%    -2.8pts

*The figures displayed here are based on unaudited results drawn from
management accounts and finance department numbers. (IFRS)

**Includes contributions from Edita's imports segment

 

-Ends-

 

About Edita Food Industries S.A.E.

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 HTT
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 HTT brands across its
territories. The Company holds strong number-one market positions in its core
cake and bakery segments as well as in candy, a number-two market position in
rusks and a growing market position in the wafers segment. In FY2021, the
Company derived 94.1% of its revenue from Egypt and 5.9% from regional export
markets. Learn more at ir.edita.com.eg

 
Contacts

Ms. Menna Shams El Din

Head of Investor Relations

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

 

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occurrence or non-occurrence of an assumption could cause the Company's actual
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