Edita Food Industries (EFID) saw its performance receiving an annual boost but weakening sequentially in Q1 2019. Bottom-line soared to EGP114mn (+88% y/y, -11% q/q). Annual earnings growth was fostered by a considerable margin expansion, as GPM rose to 35.4% from 31.6%. Revenues grew 11% y/y to EGP982mn on stimulus from (1) better product mix, (2) rising sales volume, and (3) higher average price per pack sold. On the other hand, the sequential drop in earnings was a result of top-line shedding 9% q/q after getting stung by 8% less pack sales and a flattish average price per pack (-1.4% q/q). Management held a conference call last Thursday to discuss the results. Below are the highlights.
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