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00:00 the results of the third quarter were excellent. We saw a growth in revenues of 12.2%, we saw an improvement in EBITDA margin of about 60 points, and we saw a growth in the profit margin of about 80 points in the third quarter.
00:14 If we look at the results over the nine months, they were also very strong results. We saw a growth in revenues of about 11%, and an improvement in EBITDA margin of 85 points, and an improvement in profit margin of about 10 points.
00:27 This is in line with our expectations for the financial markets in 2023, and it strengthens the company's ability to implement its strategies and the customer's confidence in the company's ability to perform.
00:41 If we talk about the best, the best sectors that contributed to the results were the light-food sectors, which grew by about 46% during this period, and were supported by many innovations in the dates sector, and expansion in new markets such as Asian markets, Indonesia, and European markets, and also a strong growth in the coffee sector.
01:03 The light-food sector, which grew by 15% and maintained its market share in the UAE, despite the decline in entry prices, and the food sector, which grew by 6.6% and improved EBITDA margin by about 280 points, were also supported by many innovations such as the glass bottle and the glassware.
01:32 We also saw a strong growth in the hotel and restaurant sector.
01:44 Mr. Sherif, let's talk about the continuation of the financing costs for you in the company. How do you deal with this environment in terms of income and financing? Where did the value-added financing reach and what are the revenue outputs today?
02:05 Since the beginning of the year, we have been working to improve the company's ability to produce cash, and the use of this cash has helped a large part of our growth. We have received about 900 million Dirhams since the beginning of the year until this moment.
02:24 The EBITDA margin has improved significantly from 2.3 times at the end of last year to 1.4 times at the end of September, which is slightly less than our pre-requisites, which is 1.5 times. This has helped us manage a large part of the hiring cost and improve it in the current situation.
02:46 We have strong assets and a strong cash product. We have a cash balance of about 500 million Dirhams on top of what we have paid.
02:57 You mentioned the divisions that were the largest percentage and we saw the profits from them first. Let's talk about your business outside the UAE. We know that the market in Egypt is also a large percentage.
03:13 Today, the company is still dealing with high inflation in Egypt, and also with the returns to the pound. Where has the deal with all these developments for you in the Egyptian market reached?
03:26 Let me clarify two important points. First, the size of our dealings in the Egyptian market represents about 17% of the company's revenues.
03:36 The second point is that we always look at the Egyptian market as a medium-sized perspective. The Egyptian market is a large and promising market. The trade marks we have in Egypt are strong.
03:46 This is a strong market sense and a high place for consumers.
03:51 Part of our strategy for managing the current situation is to turn Egypt into a regional export center. We have established a team specialized in exporting.
04:02 During the first nine months, we have exported about 55 million Dirhams from Egypt, an increase of 33% from the previous year.
04:10 These are very strong results and strengthen our ability to deal with the current situation. We have exported dates, light products, and we have also started exporting proteins.
04:27 In light of this, we expect that there will be future expansion of new markets for food.
04:37 In the region, the Saudi market is a promising market for us. Currently, our dealings in the Saudi market are about 300 million Dirhams.
04:44 We hope to reach this amount of 500 million Dirhams in the next few years. We are building a new factory in Saudi Arabia for proteins, which we have invested 85 million Dirhams.
04:56 God willing, production will begin in the beginning of the second quarter of this year.
05:00 As for Asian markets, we have a promising market for us, especially in the date and light products sectors.
05:08 We also have European and American markets in the date and light products sectors, which we are trying to open new markets for the company.
05:16 Do you aim for new levels of export for food products?
05:25 Of course, we are currently exporting to about 45 countries around the world, and there is always an expansion in this direction.
05:33 This will help us open new markets and help us deliver more synergy between the acquisitions we have obtained in the past.
05:42 Mr. Sherif, you announced earlier that you will launch a $54 million investment fund. Tell us about the main goals of the fund.
05:54 We are one of the leading companies in the region in this direction. We established this fund in cooperation with Touch Venture, a global company in the management of such funds.
06:08 Our goal is to provide access to new innovations and latest types of technology in the complete sectors and sectors similar to the sectors we are currently working on.
06:20 Our goal is to acquire new ideas, develop them and turn them into business opportunities to help the company continue its growth journey.
06:31 Are you still committed to the distribution of food products?
06:36 Distribution is a key part of the added value that the company creates for the investor. We have changed the distribution policy twice.
06:46 We always try to maintain a strong distribution policy with more than 50% of profits.
06:53 We have distributed food products for the first half of the year, and financially, we are still trying to maintain a strong distribution policy.