EDITA Food Industries has started production on its newest line, the Oniro Cookie Crisp, marking the company’s entrance into Egypt’s biscuits market.
The introduction of the new product falls in line with the company’s diversification strategy to create new revenue streams and drive future growth. It also aims to capitalise on Egypt’s fast-growing biscuits market, which is worth an estimated EGP 4.6bn with a three year compound annual growth rate (CAGR) of 16%.
Head of Investor Relations, Menna Shams El Din, told Daily News Egypt that that the company has allocated a new production line to Oniro at EDITA’s E08 factory, at an investment cost of EGP 55m.
She expects the company to achieve significant sales of the new product, as two larger stock keeping units (SKUs) in plain vanilla and chocolate are set for launch in the coming weeks.
Edita Food Industries achieved consolidated profits during the first quarter (Q1) of 2020 amounting to EGP 83m, a 34% decline on EGP 124.9m reported in the same period of last year.
Sales decreased by 1.8% during the period to March 2020, to EGP 964m, compared to EGP 982m in the same period of last year.
Shams El Din said that the decline in revenues reflects the slowdown in the light-packed food market due to the repercussions from the coronavirus (COVID-19) pandemic.