Arab Finance: Ismailia National Food Industries (Foodico) saw a 334.3% year-on-year (YoY) increase in its net profits after tax during the first quarter (Q1) of 2024, according to the audited financial statement on May 22^nd.

Foodico achieved net profits after tax of EGP 31.936 million in the three-month period ended March 31st this year, compared to EGP 7.354 million in the corresponding period a year earlier.

Net sales hit EGP 78.082 million in Q1 2024, up from EGP 38.356 million in Q1 2023.

Foodico is an Egypt-based company engaged in the food industry. The company is involved in the production of vegetables, fruits, and agricultural products such as juices and beverages, in addition to manufacturing, freezing, canning, and drying vegetables, fruits, and legumes, among others.