6 Jun 2022 07:00
Domty 1Q2022 earnings reach EGP 50.4 million recovering from the 3.4 million losses incurred in 1Q2021
_____Highlights of 1Q22____
|
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 DirectorT: +202- 010 - 0555 2235| ahmed.mohy@domty.org