Golden Foods intends to increase sales by 10% by the end of this year to approximately EGP 30m, compared to the EGP 27m achieved for 2015.
Chairman of Golden Foods and head of the Sugar, Sweets, and Chocolates Division at the Chamber of Food Industries of the Federation of Egyptian Industries Rafat Razeka said the company is seeking to increase sales in 2016 through a plan to increase exports and strengthen their position on the local market.
Despite the plan to increase sales, Golden Foods decided not to implement any expansions this year due to the unpredictable economic situation. The company added a new production line to manufacture chocolate at a cost of $30,000 last year in 6th of October City, with the aim of increasing production capacity to achieve the company’s sales target.
Razeka believes the dollar crisis will be resolved within the year through successful state plans to increase the volume of Egyptian exports as one of the most important sources of hard currency in the Egyptian market.
He expects the food industry sector to achieve high growth rates of 10%-15% in 2016 due to the industry’s correspondence with citizens’ daily consumption, which is growing. Growth will also be supported through a population increase and initiatives to reduce prices, which will boost demand for food products.
Golden Foods has four production lines for chocolate and breakfast foods, in addition to packaging lines. The company produces 10 types of cereal products, five chocolate snack products, and a number of intermediate products that are used for meat and poultry production, according to Razeka.
Golden Foods’ exports were worth EGP 9m in 2014, with Morocco, Jordan, Saudi Arabia, Lebanon, Algeria, Tunisia, Kenya, Uganda, and Ethiopia receiving the largest shares of the company products.