Cairo – Mubasher: Arabian Food Industries (Domty) has signed an agreement with Russkoe Moloko at $10 million (EGP 89 million) for supplying canned cottage cheese, said the company in a bourse filing.
By this agreement, Domty will supply canned cottage cheese to the Russian dairy retailer, Domty added.
Thus, Egypt’s dairy firm has clinched supply agreements with three Russian partners at a total of $40 million.
Earlier, the dairy product producers announced a successful tap on the Russian market in the second half of 2015, expecting to export products to Russia at $4 million initially.
Moreover, it sealed a contract worth $10 million with Russia’s largest retailer, Magnet.
In 2015, Domty’s profits leapt by 355.4% year-on-year to EGP128.7 million ($14.5 million), from EGP28.3 million ($3.2 million).
