Cairo - Mubasher: Ismailia National Food Industries (Foodico) achieved a net profit of EGP 5.25 million in the nine-month period that ended 30 September against a loss of EGP 4 million in the same period last year.

The company’s board has discussed the procurement and installment of a 3-tonne freezing tunnel with initial investments of EGP 4.5 million for phase 1, the company said in a bourse filing on Wednesday.

The new investments come to increase the company’s production capacity in order to meet the growing demand on frozen fruits and vegetables from Arabian Gulf and European markets.