15 Aug 2022 07:00
Domty delivers a strong set of results for 2Q2022, earnings reach EGP 60.7 million recovering from the 29.1 million losses incurred in 2Q2021
_____Highlights of 2Q22____
|
HIGHLIGHTS OF THE CONSOLIDATED INCOME STATEMENT:
(Numbers in EGP million):
Description | 2Q2022 | 1Q2022 | 4Q2021
| 3Q2021 | 2Q2021 |
Net Sales | 1151.9 | 1121.7 | 1087.4 | 956 | 670 |
Gross profit | 283.8 | 269.4 | 257.4 | 222.8 | 140.1 |
Gross Profit Margin | 24.64% | 24.02% | 23.67% | 23.31% | 20.92% |
EBIT | 102.3 | 98.5 | 85.1 | 74.5 | -6.2 |
EBIT Margin | 8.88% | 8.78% | 7.82% | 7.80% | -0.93% |
Net Profit Before Tax | 81.4 | 70.9 | 70.4 | 57 | -22.5 |
Profit Margin Before Tax | 7.06% | 6.32% | 6.48% | 5.97% | -3.36% |
Net Profit | 60.7 | 50.4 | 52.5 | 52.5 | -29.1 |
Net Profit Margin | 5.27% | 4.49% | 4.83% | 5.49% | -4.35% |
EBITDA | 126.1 | 122.4 | 108.9 | 96.4 | 15.7 |
EBITDA Margin | 10.94% | 10.91% | 10.01% | 10.08% | 2.34% |
Cairo, 15 August 2022
Arabian Food Industries Company Domty S.A.E. (DOMT.CA on the Egyptian Exchange), announced its consolidated results for 2Q2022.
Domty succeeded in achieving profits of EGP 60.7 million in 2Q2022 which is the highest quarterly profit achieved since the IPO, Domty decision to phase out its agents in the first half of 2021 starts to bear fruit, the company was able to achieve a net profit of EGP 111.1million in H12022.
Revenues by segment for 2Q2022:
Revenues | 2Q2022( MN EGP) | 2Q2021(MN EGP) | Revenue Growth% |
Dairy segment | 835 | 469.6 | 77.8% |
Bakery segment | 189.6 | 131.6 | 44% |
Juice segment | 125.9 | 68.6 | 83.5% |
Total | 1150.5 | 669.8 | 71.8% |
· White cheese sales volume rose by 30.3% year on year.
· Mozzarella sales volume rose by 6.4% year on year.
· Juice sales volume rose by 53.4% year on year.
· Sandwiches sales volume rose by 29.2% year on year.
Commenting on the 2 rd quarter's performance, Domty CEO Mr. Mohamed El Damaty said: We are pleased with 2Q2022 results, the second quarter witnessed a strong performance with a surge in revenues by 72 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 fourth quarter in a row thus confirming our ability to sustain the profitability of the company.
Our raw material costs starts to cool down recently but in the meantime the Egyptian pound dropped against the USD, accordingly we are closely monitoring the situation to see whether we need another price increase.
We believe that we can achieve our goals for 2022, we target a topline of EGP 4.5 billion and a bottom line of EGP 200 million.
Our new investments were subject to delay due to the global supply chain disruption, the two bakery lines that we have already announced are expected to be in place in December 2022, one of these two lines will be used to produce croissant with a long shelf life to make it exportable as we aim to increase our exports in the coming year.
*****
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 DirectorT: +202- 010 - 0555 2235| ahmed.mohy@domty.org