Egypt's Obour Land for Food Industries reports 6% top-line growth in 9M 2020
Published 16 Nov,2020 via Daily News Egypt - Obour Land for Food Industries recorded net sales of EGP 2.044bn in the first nine months (9M) of 2020, posting a growth of 6% compared to 9M 2019. About EGP 1.9bn of total sales was generated from white cheese sales, while the rest EGP 137m came from other segments.
The company witnessed a strong performance in terms of white cheese sales the third quarter (Q3) of the year, recording a 5% year-on-year (y-o-y) increase. Obour Land also saw a 9% revenue increase. This was mainly driven by the increase in white cheese sales in addition to a 2% increase in white cheese average prices.
Moreover, the gross profit margin has improved significantly in 2020 due to the instalment of three new production lines at the beginning of the year, lower packaging costs, and sourcing cheap raw materials as the company took advantage of the plunge in prices of all raw materials in the aftermath of the COVID-19 pandemic.
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Daily News Egypt