Egyptian cheese maker Domty to move into baked goods sector
In a filing to the Egyptian stock exchange, the company said it will start the production of new products this year, including a range of undisclosed baked goods and flavoured milk.
Maintaining expansion despite profit decline
The dairy products firm said it will also continue to pursue its domestic and international expansion, despite a 48% year-on-year decline in its profits in 2017 due to higher expenses.
The company posted a net profit of EGP 28.5m ($1.61m) for the nine-month period ended September 2017, versus EGP 54.9m ($3.1m) in the prior-year period.
Sales rose to EGP 1.6bn ($90m) from EGP 1.2bn ($67m), while the cost of sales increased to EGP 1.3bn ($73m) from EGP 965.7m ($54m).
Standalone profits stood at EGP 19.9m ($1.12m) in the nine-month period, compared to EGP 52.4m ($2.9m) in the corresponding period of 2016.
The company announced in October last year that it was setting up a new branch and distribution center in the Rwandan capital of Kigali.
The project is expected to be finalised this quarter, with the new facility primarily focussing on establishing the company’s white cheese products on the Rwandan market.
The Egyptian company is currently in talks over entering the Kenyan markets, according to its website.
The Giza-based company was established in 1990, exclusively producing two types of white and mozzarella cheeses. Today, its product portfolio has nearly close on 200 SKUs, which it exports to 35 countries worldwide, including the Middle East, Europe, North America and Africa.