Cairo – Mubasher: The consolidated financial statements of Edita Food Industries showed a 33.5% year-on-year (YoY) profit drop during the first quarter of 2020.

The company reported net profits of EGP 83.06 million in the January-March period, down from EGP 124.92 million in the year-ago period, according to a bourse disclosure on Tuesday.

Sales fell to EGP 964.07 million in Q1-20, compared to EGP 982.18 million in Q1-19.

As for standalone business, the company’s net profits declined to EGP 95.19 million in the three-month period ended on 31 March, compared to EGP 107.65 million in the corresponding period a year earlier.

It is worth noting that in 2019, Edita Food Industries posted net profits of EGP 409.46 million, up from EGP 336.89 million in 2018, including minority shareholders’ rights.