Domty turns to profits in Q2 of 2017

CAIRO – 17 July 2017: Arabian Food Industries Company Domty announced net profits of LE 12 million ($668,528) during the second quarter of 2017, a Monday statement said.

The company also achieved LE 487 million, with a net profit margin of 2.47 percent in Q1 of 2017.

Domty disclosed its unaudited income statement figures to comfort investors about the company’s performance, Domty vice chairman Mohamed El Damaty said.

He added that the company has made profits despite the reforming procedures in the company's sales policy to facilitate the process of raising the prices of the company's products.

Damaty stated that the reform measures taken by the firm included a near complete cessation of sales of the carton pack cheese, the main product of the company, in the first three weeks of April 2017 in order to break the market’s resistance to new prices.

The company had approved a price increase in February 2017 and did not implement it after the decline of the U.S. dollar exchange rate against the Egyptian pound in that month, the statement said.

Damaty highlighted that the company succeeded in maintaining its market share despite the reforms, relating it to the decline in sales of commercial brands Gebnety & Damo, which are mostly sales to hotels and the government.