Foodico’s net profit soars 88% YoY in Q1

Ismailia National Food Industries (Foodico) reported a 88.05% year-on-year (YoY) surge in net profit for the first quarter (Q1) of 2023, according to the company’s financial results filed to the Egyptian Exchange (EGX) on May 29th.

The company recorded a net profit after tax of EGP 7.354 million in Q1 2023, compared to EGP 3.910 million in Q1 2022.

Moreover, Foodico generated net sales of EGP 38.355 million in the first three months of 2023, up from EGP 22.871 million in the corresponding period last year.

Foodico is an Egypt-based public shareholding company engaged in the food industry. The company exports its products to UAE, Europe, US, Canada, and Australia.