Cairo – Mubasher: Edita Food Industries is entering the Egyptian biscuit market with the launch of a new product, Oniro.

This move is in line with the packaged snack food company’s strategy to “create new revenue streams and drive future growth,” according to a bourse disclosure on Wednesday.

The company aims to capitalise on the fast-growing Egyptian biscuit market which has an estimated size of nearly EGP 4.6 billion and a three-year compound annual growth rate (CAGR) of 16%.

The new product is manufactured “at Edita’s E08 facility following the installation of the company’s new biscuits line with a total investment cost of EGP 55 million.”

It is noteworthy to mention that during the first quarter of 2020, Edita’s net profits amounted to EGP 83.06 million, down from EGP 124.92 million in the year-ago period.