The Arab Food Industries Company “Domty” achieved net losses of 32.6 million pounds during the first half of this year, compared to net profits of 63.8 million pounds during the corresponding half of last year 2020.
Sales fell to 1.32 billion pounds from January to the end of last June, compared to total revenues of 1.46 billion pounds in the comparable period, while the cost of sales fell during the same period to 1.04 billion pounds, compared to 1.1 billion pounds in the same period last year.
Gross profit fell during the first half of this year to 272.88 million pounds, compared to 351.232 million pounds in the comparable half last year.
Operating profits fell during the same period to 3.255 million pounds, compared to 115.497 million pounds in the comparable period last year.
Domty signed, with the American company AMF, two contracts to supply the fourth line of baked goods and the first line for the production of croissants, with a total investment of 2.4 million euros.
Mohamed El-Damaty, managing director of the company, said that Domty operates with a capacity of 90% of the three bakery production lines, expecting to reach the maximum capacity by the beginning of the school year.
The company expected to operate the new lines in the middle of next year, noting that it is negotiating with Tetra Pak to expand the capacities of the juice factory.
It is noteworthy that “Domty” recorded a net loss of 3.43 million pounds from the beginning of January until the end of last March, compared to profits of 32.1 million pounds during the same period of 2020, taking into account the non-controlling rights.
The company’s sales declined during the first three months of this year, reaching 647.08 million pounds at the end of March, compared to 744.8 million pounds during the same quarter last year.
The article “Domty” incurred 32.6 million pounds during the first half was written in Al Borsa newspaper.