reports
- Marina William
EDITA: 2Q23| Margins maintained steadily by rise in prices and cost cu...
Rise in prices supports top-line annually and sequentially while volumes falter on a sequential front; Biscuits segment achieves a record-breaking top-line for the quarter EFID achieved another quarter of sequential revenues growth, recording EGP2,858 mn (+81.7% YoY, +2.8% QoQ) close to our estimates of EGP2,915 mn. The rise was backed annually and sequentially by the rise in ASP to reach EGP3.00/pack (+41.2% YoY, +10.8% QoQ). Volumes waned on a sequential basis to record EGP959 mn packs (+28...
- Marina William
Juhayna: 2Q23 | Margins squeezed despite solid revenue growth and weak...
Diversified product portfolio, solid market position, and increase in prices support top-line; Exports witness a solid boost JUFO’s revenue growth continued for the second quarter of 2023, recording EGP3,730 mn (+35.1% YoY, +9% QoQ). The rise came supported by price increases rather than volumes, which witnessed a decline, where the dairy and juice segments experienced the majority of this decline, while the yogurt segment experienced a small decline, backed by Ramadan’s positive seasonality....
- Marina William
Obourland: 2Q23 | Severe squeeze in margins on increasing costs and in...
Volumes in the red except for white cheese; Prices increases drive revenues Revenues climbed by 70.1% YoY and 1.1% QoQ to reach EGP1,486 mn driven mainly by the aggressive price increases rather than volumes, since volumes declined YoY across all segments except for the white cheese. The white cheese segment revenues climbed by 72.8% YoY and 1.5% QoQ to record EGP1,400 mn. Volumes climbed by 7.6% YoY and 2.9% QoQ and it was the only segment to witness a climb in volumes both annually and sequ...
- Marina William
Egypt Food & Beverages: 1Q23 – Higher Prices, Lagging Costs & Margin E...
The companies under our coverage in the Food and Beverages sector all witnessed an outstanding quarter when it comes to enhanced profitability and margins, all backed by nearly the same trends with varying extents. These trends are: * Rising top-line levels backed by prices rather than volumes. * Lagging cost rises due to stocking-up of low-priced inventory. * Rise in GPMS backed by the price increases and lagging costs. * Higher EBITDA margins backed by enhanced gross profit...
- Marina William
Obourland: 1Q23 | Revenues, GPM supported by price increases; Upgrade ...
Price increases compensate the steep decline in revenues Revenues recorded EGP1,470 mn (+59.2% YoY, +3.6% QoQ) backed by the multiple price increases implemented throughout 2022 reflecting fully on 1Q23. The surge came despite the 14% YoY decline in white cheese volumes to reach 26.1k tons. However, prices climbed by an average of 85% YoY. White cheese sales recorded EGP1,379 mn (+60% YoY, +4.1% QoQ), with the rise being completely price-driven. Milk segment recorded EGP75 mn in revenues (+47...
- Marina William
Domty: 1Q23 | Enhanced profitability backed by prices; Upgrade FV to E...
Revenues supported by dairy and juice segments while bakery lags Revenues reached EGP1,747 mn (+55.8% YoY, +7.5% QoQ) mainly supported by higher selling prices as volumes witness a decline during the quarter. The dairy segment revenues climbed by 74.7% YoY and 11.3% QoQ to record EGP1,401mn, followed by the juice segment recording EGP110 mn with a rise of 45.1% YoY and 49% QoQ. The bakery segment was not as fortunate, recording revenues of EGP236 mn, a decline of 3.1% YoY and 19.3% QoQ. The b...
- Marina William
Juhayna: 1Q23 | Margins boosted by low-priced inventory and exports
Inflationary pressure takes a toll on volumes; Price hikes saves the day JUFO achieved another astonishing quarter, recording revenues of EGP3,423 mn (+42.4% YoY, +6.9% QoQ). The growth was driven mainly by prices increase as nearly a 60% rise was implemented throughout 2022, reflecting positively on 1Q23 results. The dairy segment revenues recorded EGP1,771 mn (+36.3% YoY, -7.1% QoQ) and its contribution to revenues reached 51.7% for the quarter (-2.3pps YoY, -7.8pps QoQ). JUFO’s market shar...
- Marina William
EDITA: 1Q23 | Revenues continue the growth track; Upgrade FV to EGP22....
TOP-LINE HITS NEW RECORD HIGHS; CAKE’S GROWTH UNMATCHED EFID booked another record-breaking quarter when it comes to revenues. Top-line came in at EGP2,780 mn, a YoY rise of 78.3% and 10.2% QoQ, driven by a mix of higher prices as well as higher volumes. ASPs climbed by 32.5% YoY and 15.9% QoQ. Volumes climbed by 21.7% YoY, but dropped by 9.6% QoQ. The cake segment came in as the major contributor to top-line during the quarter by 54%, recording revenues of EGP1,512 mn, which is 114.8% higher...
- Marina William
Juhayna: Revenues on the rise by prices; Bottomline resilient despite ...
DAIRY VOLUMES SOLID AGAINST PRICE INCREASES WHILE YOGURT AND JUICE FALTER SLIGHTLY JUFO achieved another solid quarter, recording revenues of EGP3,203 mn compared to EGP2,282 mn in 4Q21 and EGP2,996 mn in 3Q22 (+40.4% YoY, +6.9% QoQ). FY22 revenues recorded EGP11,364 mn compared to a previous EGP8,806 mn (+29% YoY). The rise came backed by the gradual prices increase implemented throughout the year (60% YoY). However, the rise in volumes witnessed a slowdown during 4Q22 affected by the price ...
- Marina William
Domty: 4Q22 | Margins boosted by prices increase & lower expenses
Cheese & bakery segment continue the rise sequentially and annually; Juice segment struggles DOMT achieved another solid quarter supported by the cheese and bakery segment. Total 4Q22 revenues recorded EGP1,625 mn, an incline of 49.5% YoY and 23.2% QoQ. The cheese segment has been increasing its contribution to top-line throughout the year, reaching 77.5% during 4Q22 (+10.8pps YoY, +5.3pps QoQ), recording EGP1,259 mn during the quarter (+73.6% YoY, +32.2% QoQ) the rise is backed by a 4% incre...
- Marina William
EDITA: 4Q22 | Simply Unstoppable; Top-line backed by prices & volumes
Green prevails across all segments; Cake and bakery volumes rally despite price increases EFID achieved another remarkably strong quarter, recording revenues of EGP2,523 mn (+63.9% YoY, +25.2% QoQ). The rise came supported by both, volumes as well as prices. Priced jumped by 21.5% YoY and 7.4% to reach an average of EGP2.30/pack. Despite the rise in prices, volumes climbed significantly by 34.7% YoY and 16.6% QoQ to reach 1.1 bn pack during 4Q22. The rise in revenues came backed by anannual a...
- Marina William
Juhayna: Management Meeting Key Takeaways
2022 UPDATES & 2023 TARGETS * Challenges faced during 2022, including heightened and scarce foreign currency, high inflation and rising costs, led the company to raise prices gradually by more than 50% throughout the year across all segments * January is considered a good month for the company when it comes to FX sourcing and raw materials availability compared to 4Q22 * January volumes witnessed a positive incline, mainly from wholesalers stocking up; awaiting an upcoming wave of ...
- Marina William
EFID | Management Meeting Key Takeaways
2022 updates and 2023 targets * EFID plans to widen their price spectrum to be present in all price points and not leave a gap in the market to maintain market share and satisfy a wide range of target audience without risking margins * 4Q22 witnessed a rise in volumes and prices YoY * 1H22 witnessed key direct and indirect price increases, allowing the company to maintain healthy margins and profitability in 2022 overall * With the company’s indirect prices increases and diver...
- Marina William
Obourland: Healthy Margins Backed by Prices Increase Despite Rallying ...
White Cheese Continues to Prove its Resilience; Juice’s New Brand Surges Volumes Revenues for the quarter came highly in line with our expectations of EGP1,424 mn, to record EGP1,420 mn, a YoY incline of 60.6% and 5.7% QoQ. FY22 revenues came in at EGP4,560 mn, also in line with our forecast of EGP4,565, witnessing a YoY rise of 51.7%. The rise came mainly driven by the white cheese segment, recording gross sales of EGP4,272 mn with a rise of 54.5% YoY, driven by a 14% rise in sales volumes a...
- Marina William
Juhayna: 3Q22 – Revenues continue to rise while costs take a toll on m...
YOGURT SALES DROP SEQUENTIALLY WHILE THE REST CONTINUE TO RISE; SOLID MARKET SHARES MAINTAINED JUFO continued to break records at the top-line level, achieving revenue for 3Q22 of EGP2,996 mn compared to EGP2,435 mn in 3Q21 and EGP2,761 mn in 2Q22 (+23% YoY, +8.5% QoQ). 9M22 revenues came in at EGP8,161 mn compared to EGP6,254 mn recorded in 9M21, a climb of 25.1% YoY. The YoY rise came backed by healthy volume increases in the dairy and juice sectors, along with price increases applied acro...
- Marina William
Domty: 3Q22 – Weak base supports growth numbers; profitability pressur...
STEADY REVENUE GROWTH BACKED BY VOLUMES AND PRICES Revenues for the quarter climbed by 37.9% and 14.5% to record EGP1,319 mn. Total white cheese sales recorded EGP853 mn with a YoY volume increase of 2%, mozzarella and creamy sales recorded EGP110 mn. Mozzarella volumes climbed by 7% YoY and the creamy volumes by 4% YoY. Juice and milk segment recorded EGP116 mn with a drop in volumes by 10% YoY, while the bakery segment recorded EGP238 mn with a volume rise of 13.5%. 9M22 revenues recorded ...
- Marina William
EDITA: 3Q22 – Top-line supported by both prices and volumes; rally to ...
REVENUES BACKED BY VOLUMES AND PRICES; CAKE SEGMENT CONTINUES TO SHINE WHILE WAFERS LAG BEHIND EFID booked revenues for 3Q22 of EGP2,016 mn compared to EGP1,395 mn recorded in 3Q21 and EGP1,573 mn recorded in 2Q22 (+44.5% YoY, +28.1% QoQ). The rise came backed by both volumes and prices combined, where total volume sold climbed by 1.5% YoY and 25.1% QoQ to reach 33 thousand tons. Volumes by packs climbed by 19.6% YoY and 25.1% QoQ to 933 mn packs. The climb in packs being of a higher pace th...
- Marina William
Obourland: OLFI 3Q22 | Record-breaking revenues eaten up by inflationa...
White cheese back on track after a slight drop in the previous quarter Revenues for the quarter came in at a record-breaking level of EGP1,343 mn, an upsurge of 63.8% YoY and 53.7% QoQ. While the rise came supported by all segments annually or sequentially, the white cheese segment continues to form the most back up to the top-line through a rise in both prices and volumes. White cheese volumes climbed to reach 36.3k tons for the quarter, compared to 29.8k ton in 3Q21 and 25k ton in 2Q22. Whi...
- Marina William
EDITA: 2Q22 – Positive performance despite seasonality backed by price...
TOP-LINE SOARS ANNUALLY; SEQUENTIAL PERFORMANCE LAGS DUE TO SEASONALITY EFID booked a healthy top-line of EGP1,573 mn for 2Q22, compared to EGP1,151 mn recorded in 2Q21 and EGP1,559 mn recorded in 1Q22 (+36.7% YoY, +0.9% QoQ). The rise was achieved by an increase in volumes and prices, with the latter having the highest contribution. ASP/pack during the quarter reached EGP2.1, a rise of 18.1% YoY and 3.9% QoQ. Volumes sold reached 746 mn pack with a rise of 15.8% YoY and a decline of 3.1% Qo...
- Marina William
Domty: 2Q22 – Flourishing topline backed by prices trickles down to ma...
JUICE SEGMENT ACHIEVING REMARKABLE GROWTH; PHASING OUT OF AGENTS FINALLY PAYING OFF DOMT continued its track of top-line growth, recording EGP1,152 mn for the quarter, compared to EGP670 mn in 2Q21 and EGP1,112 mn in 1Q22, a hike of 72% YoY and 2.7% QoQ. 1H22 revenues booked EGP2,274 mn, compared to EGP1,317 mn, a sharp incline of 72.6% Cheese segment remains the biggest contributor to revenues by 73% for 2Q22 by achieving revenues of EGP835 mn (+77.8% YoY, +3.9% QoQ). White cheese sales vol...
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