Hero Middle East and Africa (Hero MEA) achieved sales of EGP 640m sales in 2015 compared to EGP 105m in 2002, according to company managing director Mahmoud Bazan.
Hero MEA is a subsidiary of Hero group, an international company found in Switzerland that specialises in producing brands such as Hero, Vitrac, cereals and biscuits, and nutrition. The total investments of the company were approximately $40m from 2002 until the end of 2015, Bazan said.
The company’s total production from factories amounted to 90,000 tonnes of jam, syrups, and natural juices annually through 11 production lines of the company in the Qalyubia governorate in Egypt, Bazan said in a press conference Monday. Hero MEA acquired all shares of Vitrac Company in 2005 after buying 65% of its shares in 2002.
Following its acquisition of Vitrac in 2002, the company invested more than $40m in developing the Qalyubia factory, through which the company exports to the rest of the Middle East, and developed all production lines.
“Hero MEA’s exports total about 35% of its annual production at the value of EGP 200m to 40 countries, 28 of them in the Middle East and Arab markets including the United Arab Emirates, Libya, Kuwait, Bahrain, Tunisia, and Palestine,” Bazan said. “The company has entered the Japanese market and will continue working there. The company’s has a strategy to open up new investments in Africa.”
Hero MEA is looking to expand its business to Ethiopia, Kenya, and Nigeria since there are some challenges the company faces in important markets such as Libya, Yemen, Syria, and Sudan.
The company does not intend to acquire other companies but Bazan remains optimistic regarding the investment atmosphere in Egypt since it is considered the core source of exports to Middle East and Africa.