Egypt's Edita upgrades electronic invoicing system

ArabFinance: Edita Food Industries (EFID) has successfully completed the refurbishment of its electronic invoicing infrastructure, according to a press release.

The leading company is currently operating in accordance with the recently applied government regulations regarding electronic invoicing, which were effective as of May 15^th, 2021.

Edita has worked with the Egyptian Tax Authority as well as other local and international companies over the past months to accelerate the completion of necessary adjustments to be compatible with the newly introduced frameworks.

This step makes Edita as one of the first companies to carry out the transition within the scheduled timeframes, marking its commitments to operating under the latest government rules and regulations.

The company is expected to gain remarkable advantages due to adopting the new electronic invoicing frameworks.

Edita previously reported it achieved a net profit of EGP 83 million in Q2 2021, compared to a net profit of EGP3.1 million in Q2 2020, with a net profit margin of 7.2%.

The companys revenues surged by 49.7% year-on-year (YoY) in Q2 2021, amounting to EGP 1.2 billion.

At the level of the first half (H1) of 2021, the company recorded revenues of EGP 2.3 billion, up by 33.7% YoY., the release highlighted.

It is worth noting that Edita operates in the packaged snack food market. It manufactures, markets, and distributes a range of branded baked snack products, including packaged cakes, croissants, rusks, and wafers, as well as selected confectionery and candy products.