Cairo – Mubasher: The consolidated net profits of Edita Food Industries fell by 15.2% year-on-year (YoY) to EGP 347.72 million in 2020, compared to EGP 410.23 million, including minority shareholders’ rights.

Sales declined to EGP 4.021 billion last year from EGP 4.025 billion in 2019, the company said in a bourse disclosure on Thursday.

As for standalone business, Edita logged EGP 393.1 million in net profits in 2020, down from EGP 440.35 million a year earlier.

The board of directors recommended a cash dividend distribution of EGP 0.207 per share, totalling EGP 150 million, for 2020’s earnings.

The board also approved a decision to decrease the share capital through the cancellation of 2.3 million treasury shares, slashing the issued capital to EGP 144.61 million distributed over 723.05 million shares from EGP 145.07 million distributed over 725.03 million shares.

During the first nine months of 2020, Edita Food Industries recorded net profits of EGP 214.53 million, down from EGP 285.23 million in the corresponding period a year earlier, including minority shareholders' rights.