Cairo - Mubasher: Edita Food Industries’ consolidated financial results on Monday showed a 43% year-on-year increase in profits in the third quarter 2017 due to sales growth.

Edita’s profits rose to EGP 74.11 million in Q3-17, from EGP 51.75 million in Q3-16, according to statement to the Egyptian Exchange (EGX).

Sales went up to EGP 832.18 million in Q3-17, compared to EGP 612.96 million in the year-ago period of 2016.

Edita’s results for Q3-17 “reflect the turnaround in the macroeconomic environment and mark an important recovery from the multifaceted impact of the Egyptian government’s structural reform programme,” the Todo-brand maker said in a statement.

It added that the quarter saw strong revenue growth after consumers had adjusted to the recent inflationary pressures and have become increasingly accepting of Edita’s portfolio optimisation.

“Our success in navigating the challenging environment during the past year is thanks to Edita’s responsive strategy and our defensive business model. We were particularly successful in absorbing inflationary shocks arising from the reform programme and delivering consistent top-line growth while defending our market share,” Edita chairman and managing director Hani Berzi stated.

Meanwhile, Edita’s profits dropped to reach EGP 129.004 million in the first nine months of the current year, versus EGP 139.016 million in the same period last year, according to the company’s statement.

As for standalone results, Edita’s profits declined in the first three quarters in 2017 reaching EGP 55.5 million, compared to EGP 76.14 million in the prior year.

“With the economy and consumer sentiment now turning the corner, we believe the worst is behind and we have remerged with better visibility and a restructured product portfolio that targets optimum price-point segmentation,” Berzi concluded.

Edita previously announced a plunge in profits to EGP 7.05 million in Q2-17, compared to EGP 48.09 in Q2-16, whereas sales had increased to EGP 611.6 million in Q2-17, versus EGP 550.2 million in the same quarter last year.