Edita Food Industries, an Egyptian market leader in snack foods, has secured financing contract EGP90m ($5.7m) from the National Bank of Kuwait (NBK). The loan will be used to develop new production lines and improve production quality.
The loan is part of the Central Bank of Egypt (CBE) initiative to support Egyptian companies through the COVID-19 pandemic. Edita will use the loan to improve production with a view to increasing market share of its bakery and wafer products.
For the year ended December 31st 2020, Edita recorded revenues of EGP4.02bn ($255.7m) and net profits of EGP302.2m ($19.2m). The company recorded strong growth in Q4 2020 on both the revenue and profit lines.
In 2020, Edita finished the construction new factory in Morocco and is now installing its first production line. The factory is a joint venture signed with Morocco’s leading FMCG company, Dislog Group in 2018. The factory was originally due to open in 2019.
