The company said in a statement issued on Monday that it is targeting double-digit annual growth in revenues ranging between 25% and 30%, and a total white cheese sales volume of around 103,000 tonnes.
It is also targeting to increase its carton-packed white cheese local market share to reach 42% by the end of fiscal year (FY) 2017, and 45% by the end of FY 2018, according to the statement.
The company said in the statement that it had been able to gradually increase its selling prices during the course of FY 2016 by 46%, arriving at an average price per kilogramme of carton-packed white cheese of EGP 20 by the beginning of 2017.
“The company is planning to continue its gradual price escalation strategy to reach an average price per kilogramme that ranges between EGP 23 to EGP 23.5 by the second quarter of 2017,” according to the statement,
It also said that it has commenced the preparation and installation of its new milk, juice, mozzarella cheese, and processed cheese production lines, and is aiming to commence production operations by the end of the second quarter of 2017.
It is targeting a market share of around 6% from the local milk and juice packaged products’ market during the first two years of operations, according to the statement.
“The company is also aiming to increase its exports by 3-5% from its total sales by the second quarter of 2018. The company is currently exporting a limited proportion of its white cheese production to Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Lebanon, and the US,” the statement read.
It revealed that it is negotiating with three local banks to finance working capital expansions through increasing the total granted credit facilities’ limits to reach around EGP 300m, expecting an interest rate that ranges between 0.5% and 1%.
The company’s management is currently studying the possibility of distributing either cash or bonus share dividends on FY 2016 recorded profits, which will be subject to the board of director’s preliminary approval.