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While revenue surged, higher operational costs and currency devaluation cut into profits, pushing earnings below the previous year’s $30 million benchmark.
His stake's market value has climbed by $5.75 million, reversing some of the sharp declines recorded earlier this year.
Wary investors have been pulling back from the company as part of a broader shift on the EGX, increasing selling pressure on Edita Food’s stock.
The company’s stock suffered a downturn on the Egyptian Exchange (EGX), reflecting the ongoing challenges in Egypt’s snack food market.
The decline stems from a steep fall in the company’s share price on the Egyptian Exchange (EGX) and the sharp devaluation of the Egyptian pound.
Despite Edita's leading position in Egypt’s packaged snack market, its shares on the EGX have slipped into year-to-date losses.
Over the past 15 days, Berzi's stake has surged by EGP823.77 million ($16.92 million), increasing the market value of his holdings above $190 million.
Hani Berzi’s fortune dips by over $9 million as Edita Foods shares slide.
This setback follows earlier gains made between May 14 and 27, when the value of Berzi’s stake surged by $17.18 million.
Despite the recent decline in the market value of his stake, Berzi remains a prominent investor on the Egyptian Stock Exchange.
The significant increase in the market value of Berzi’s stake in Edita Food Industries further solidifies his position as one of the richest individuals in Egypt.
Berzi owns a significant 41.95-percent stake in Edita Food Industries through Quantum Invest BV.
The single-digit percent surge in share price has propelled the market value of Berzi’s stake in Edita Food by EGP370.05 million ($7.78 million).
Despite the recent decline in the market value of his stake, Berzi remains one of the richest investors on the Egyptian Exchange.
