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Edita unveils EGP 8.75bn sales in 9M-23; dividends, capital hike approved

Edita unveils EGP 8.75bn sales in 9M-23; dividends, capital hike approved
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Edita
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Cairo – Mubasher: Edita Food Industries posted consolidated net profits after tax valued at EGP 1.26 billion in the first nine months (9M) of 2023, up year-on-year (YoY) from EGP 673.77 million.

Revenues enlarged to EGP 8.75 billion in 9M-23 from EGP 5.14 billion in 9M-22, according to the consolidated financial statements.

The basic and diluted earnings per share (EPS) hit EGP 1.69 in January-September 2023, up YoY from EGP 0.94.

Total assets enlarged to EGP 7.11 billion in 9M-23 from EGP 5.78 billion as of 31 December 2022.

Standalone Business

The EGX-listed firm generated EGP 1.05 billion in standalone net profits after tax during 9M-23, compared to EGP 575.20 million in the year-ago period.

Non-consolidated revenues increased to EGP 7.12 billion as of 30 September 2023 from EGP 4.20 billion a year earlier, while the basic and diluted EPS jumped to EGP 1.41 from EGP 0.80.

Financials for Q3-23

During the third quarter (Q3) of 2023, the consolidated net profits amounted to EGP 460.06 million, an annual surge from EGP 298.86 million.

The revenues hiked to EGP 3.11 billion in Q3-23 from EGP 2.01 billion a year earlier, while the EPS increased to EGP 0.62 from EGP 0.42.

Non-consolidated net profits after tax widened to EGP 403.81 million in July-September 2023 from EGP 248.96 million in Q3-22, while the revenues jumped to EGP 2.60 billion from EGP 1.64 billion.

Dividends

The ordinary general meeting of Edita approved the distribution of EGP 299.70 million as cash dividends, which will be taken from the retained earnings account in the company’s financial statements as of 31 December 2022.

It is worth highlighting that the board members greenlighted the dividends last October.

Capital Raise

In line with Edita’s expansion plans, the board also agreed to increase the issued capital of the company’s subsidiary to EGP 600 million from EGP 200 million.