Cairo 3A for Agricultural and Animal Production, a subsidiary of Cairo 3A, is an Egyptian company that specializes in agricultural business. It aims to record $140m in exports next year by entering new markets such as Korea and Japan.

Ali El Gamil, CEO of Cairo 3A, told Daily News Egypt that 90-95% of the company’s frozen fruits and vegetables production is exported, with a value of $70m this year, compared to $50m last year, to about 68 countries.

El Gamil said that the company has a high competitive edge in England, Europe, and East Asia.

He added that the company plans to invest $8m in setting up a fruit juice concentrates factory on an area of 7,000 sqm, with a production capacity of 10,000 tonnes of juice concentrates, extracted from about 120,000 tonnes of fresh fruit.

The company also imports agricultural raw materials worth $10-12m annually, he disclosed. El Gamil revealed that the company intends to invest $10m in land reclamation and agricultural industrialization projects.

Cairo 3A Poultry, a market leader in the poultry industry in Egypt, plans to invest EGP 800m in building a factory for processed poultry products on an area of 30,000 sqm, in Sharkia Governorate. It also plans to establish fattening poultry farms to meet the Egyptian market demand with investments of EGP 200m, according to CEO Ibrahim Wagdy.

Wagdy told Daily News Egypt that his company aims to keep its market share in the frozen and chilled poultry sector in 2024, which is about 25% of the Egyptian market. He also aims to increase its market share in the poultry processing sector from 5% to 10%.

Despite the drop in sales of the local market by 30-40%, Cairo 3A Poultry aims to increase its sales by 20-25% in the next year, Wagdy said.

Regarding the impact on his company’s prices and sales if the pound’s exchange rate is liberalized in 2024, Wagdy said: “The consumer and manufacturer cannot afford any price hikes, and this will affect our sales target next year. But we are optimistic about 2024, especially with the Egyptian government increasing the minimum wage for private sector workers, which will boost purchasing power again.”

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).