Elmasria for Food Investment Company opens a new factory with investments of EGP 30 mn

Mohamed Abdel Sabour, managing director of Elmasria for Food Investment, said that the company opened a new factory at the beginning of this year, with investments amounting to EGP 30 mn and a production capacity of 72,000 tonnes.

He added that the new factory is entirely dedicated to export, and small quantities that do not exceed 10% will be offered during the first quarter of this year in the local market.

He also said that the presence in the local market gives the company weight in dealing with importers.

Abdel Sabour ruled out further investments in the coming period, since the company opened, in 2020, a factory for frozen vegetables and another factory for juices.

He estimated the growth rate of the company's business volume last year by about 25%, thanks to the increasing demand for the company's products in the local and export markets.

Regarding the food industries sector in Egypt, Abdel Sabour said that agricultural crops, which are the main raw materials for production, suffer from climate changes, which have affected the volume of production and thus prices.

He added that international shipping also has a significant increase in prices, and in the coming period, if agricultural and industrial companies are able, this will have a positive impact on the consumer in the end.

He stressed that the current year will have greater challenges than 2021, in light of the changes that the global market is going through, the prices of raw materials and the fierce competition in global markets.