Domty turns profitable in Q4 of 2017

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Sun, 28 Jan 2018 - 09:52 GMT

A Domty selling booth - Company's website

A Domty selling booth - Company's website

CAIRO – 28 January 2018: Arabian Food Industries Co. (Domty) reported on Sunday turning into profitability in Q4 of 2017, according to the company's releas e to the Egyptian Exchange.

Domty recorded a net profit of LE 30.6 million in the three-month period ending in December 2017, compared to a net loss of LE 29 million in the same period of 2016.

Sales in Q3-2017 reached LE 615 million, while sales of Q3-2016 were LE 463 million.

Domty Vice Chairman Mohamed Omar el-Damaty commented that the impact of the flotation was severe on the company’s sales, referring to their inability to raise prices of low end products; a thing that affected their sales in that period.

“We succeeded in reducing the dependence on the fighter brands, which represented about 40 percent of the local market sales and now represent less than 20 percent, increasing our sales to reach the 2016 numbers and reaching a gross profit of more than 23 percent in the carton pack white cheese,” Damaty clarified.

Arabian Food Industries Co (known as: Domty) is a public company that has been listed on the Egyptian Exchange (EGX) since December 2015, operating within the food, beverage & tobacco sector and focusing on packaged foods & meats. It has one subsidiary in Egypt. Domty is based in Cairo, Egypt, and was established in March 1984.

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