Egyptian Dairy Company Domty to Invest $27 mln to Boost ProductionSource: www.export-egypt.com 7/18/2016, Location: Africa |
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Egyptian dairy company Arabian Food Industries Co (Domty) is planning to invest 240 million Egyptian pounds ($27 million) in 2016-17 to fund expansion and increase production capacity, Vice-Chairman Mohamed Damaty told Reuters.
Domty, which raised a combined 1.13 billion pounds in private and public share offerings in March, has two factories in the 6th of October district near Cairo and plans to start producing baked goods and sweetened milk, alongside its cheeses and juices. Damaty said that the company plans to open a new factory next month that will increase juice production and start the new line of baked goods. "Within a month from now we will open a new factory which will increase our production capacity of juices to around 100 thousand tonnes a year from 65 thousand tonnes," he said. The company also plans to begin producing yellow cheese by the first quarter of 2017. Domty's market share in white cheese and juice is at 40 percent and 7 percent, respectively. The company plans to increase capacity by between 9 percent and 10 percent by the end of the year, Damaty said. The company has increased production of white cheese to 175 thousand tonnes a year and aims to hit 215 thousand tonnes by the end of the year. Domty recorded a net profit of 24.15 million pounds in the first quarter of this year, up 7.1 percent on the same period in 2015. |
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