RNS Number : 6588N
Arabian Food Ind. Co. Domty S.A.E.
06 June 2022
 

Domty 1Q2022 earnings reach EGP 50.4 million recovering from the 3.4 million losses incurred in 1Q2021

 

 

_____Highlights of 1Q22____

Revenues
EGP 1121.7 mn

Gross Profit
EGP 269.4 mn

Gross Profit Margin
24.02%

Operating Profit
EGP 98.5mn

Net Income
EGP 50.4 mn

Net Income Margin
4.49 %

 

 

 

HIGHLIGHTS OF THE CONSOLIDATED INCOME STATEMENT:

(Numbers in EGP million):

Description

1Q2022

4Q2021

 

3Q2021

2Q2021

1Q2021

Net Sales

1121.7

1087.4

956

670

647.1

Gross profit

269.4

257.4

222.8

140.1

132.7

Gross Profit Margin

24.02%

23.67%

23.31%

20.92%

20.51%

EBIT

98.5

85.1

74.5

-6.2

9.5

EBIT Margin

8.78%

7.82%

7.80%

-0.93%

1.47%

Net Profit Before Tax

70.9

70.4

57

-22.5

-1.9

Profit Margin Before Tax

6.32%

6.48%

5.97%

-3.36%

-0.29%

Net Profit

50.4

52.5

52.5

-29.1

-3.4

Net Profit Margin

4.49%

4.83%

5.49%

-4.35%

-0.53%

EBITDA

122.4

108.9

96.4

15.7

27.7

EBITDA Margin

10.91%

10.01%

10.08%

2.34%

4.28%

 

Cairo, 1 June 2022

Arabian Food Industries Company Domty S.A.E. (DOMT.CA on the Egyptian Exchange), announced its consolidated results for 1Q2022.

Domty succeeded in achieving profits of more than EGP 50 million for the third quarter in a row, after successfully exiting all its agents in the first half of 2021.

 

Revenues rose by 73% year on year:

 

Net Revenue

1Q2022( MN EGP)

1Q2021(MN EGP)

Revenue Growth%

Dairy segment

802

460.6

74.1%

Bakery segment

243.6

130.4

86.8%

Juice segment

76

56.1

35.4%

Total

1121.6

647.1

73.3%

 

·   White cheese sales volume rose by 42% year on year.

·   Mozzarella sales volume rose by 11% year on year.

·   Juice sales volume rose by 26.5% year on year.

·   Sandwiches sales volume rose by 53.2% year on year.

 

 

 

Commenting on the 1 rd quarter's performance, Domty CEO Mr. Mohamed El Damaty said: We are pleased with 1Q2022 results, the first quarter witnessed a strong performance with a surge in revenues by 73 percent, driven by the increase in sales volume and value in the three revenue segments (Dairy, Bakery and juice).

 

The phasing out of agents and our ability to pass on price increases to the consumers led to such huge increase in revenues.

 

We managed to achieve profits of more than EGP 50 million for the third quarter in a row thus confirming our ability to sustain the profitability of the company.

 

The 1Q2022 bottom line was hit by forex losses of about EGP 12 million resulting from the devaluation of the Egyptian pound that occurred by the end of March.

 

Our raw material costs are suffering from the global inflation in addition to the devaluation of the Egyptian pound, accordingly we are doing the best we can to pass on price increases to the end consumers gradually  in order not to  affect the demand negatively.

 

We believe that we can achieve our goals for 2022 despite the global and the local conditions we are currently witnessing.

*****

 

About Arabian Food Industries Company Domty S.A.E.

Domty, founded in 1988and headquartered in Egypt, is a leader in the growing Egyptian cheese and juice market. The Company manufactures markets and distributes a range of branded white and processed cheeses and juice products, with a family of nearly 200 SKUs under a brand portfolio including Domty, Damo, Gebnety and Bravo. Domty is a household name and the number-one cheese producer in the nation by market share. The Company sells to tens of thousands of retail and business customers as well as to more than 46 export destinations. Learn more about Domty by visiting Domty.org

Contact

Ahmed Mohy Eldin
Investor Relations and Corporate Affairs Director
T: +202- 010 - 0555 2235| ahmed.mohy@domty.org

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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