Obour Land for Food Industries to raise products’ prices in Q4
Updated 11/3/2021 9:08:55 AM
ArabFinance: Obour Land for Food Industries (OLFI) is planning to raise the prices of its products in the fourth quarter (Q4) of 2021 to offset the increase in raw materials’ prices, Al Borsa Newspaper reported.
The company was able to achieve growth in Q3 2021 despite of the sudden increase in prices of raw materials, higher shipping costs, and volatile global supplying chain, vice chairman Ashraf Hamed said.
The company’s sale volume from the white cheese segment fell by 5% to 29,800 tons in Q3 2021, compared to 31,500 tons in Q3 2020, Hamed noted.
The company has raised the average price of white cheese by 5% during the first nine months of 2021, he said, adding that the company will continue raising the prices in Q4 2021.
Revenues from the milk and juices segments amounted to EGP 130 million and EGP 27 million, respectively, in the January-September period of 2021.
Obour Land has signed a contract with the Ministry of Education to supply flavored milk and juices as part of the school meals program launched by the government, Hamed remarked, pointing out that this contract will add EGP 100 million in the company’s revenue this academic year.
On Tuesday, Obour Land announced it achieved a consolidated net profit attributable to the parent company of EGP 255.18 million in the January-September period of 2021, compared to a profit of EGP 239.50 million in the year-ago period.
Consolidated sales amounted to EGP 2.12 billion in the nine-month period ended September 30th, 2021, increasing from EGP 2.04 billion in the same period of 2020.
In the third quarter (Q3) of 2021, the company’s net profit attributable to the parent grew to EGP 111.20 million from EGP 99.44 million in Q3 2020.
Established in 1997 and listed in 2016, Obour Land for Food Industries is an Egypt-based manufacturing company, which is specialized in the production, processing and packaging of white cheese.
