Cairo – Mubasher: Edita Food industries is planning to expand overseas through exporting and implementing projects in a bid to control local currency fluctuations, Bloomberg reported, citing chairman and managing director Hani Berzi.
The Cairo-based confectioner aims at generating 25% of revenues from abroad by 2025, Berzi highlighted.
The producer of Twinkies in the North African nation will also invest EGP 120 million ($6.8 million) this year, mainly on maintenance, he pointed out.
“Edita will decide whether to proceed with the second phase of its newly-opened EO8 factory in 2019 or not,” he noted.
Berzi stressed that the company needs the foreign currency, adding that companies with export proceeds enjoyed decent profitability amid the Egyptian pound volatility.
Given that Edita last posted a 23.5% surge in profits for the first quarter of 2018 as net profit amounted to EGP 40.4 million, up from EGP 39 million in Q1-17.
