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00:00Alhamdulilah, the results of the first quarter were excellent, despite the fluctuation in the working environment,
00:05and reflected the company's continuity in achieving its strategic goals and the strength of the company's preservation of the variety of sectors and trademarks.
00:12The company's growth was the highest in revenues, in addition to the non-repeated operations, by about 12.4%,
00:17which is higher than the expected ceiling for the financial services sector, which was 10-12%.
00:23The company's growth was the highest in revenues, in addition to the non-repeated operations, by about 60%,
00:27which is higher than the expected ceiling for the financial services sector, which was 30-50%.
00:32We are proud of several factors in the first quarter, namely that all sectors, without exception, grew with the UAE currency,
00:38including the protein and frozen sectors, which grew with the foreign currency for the first time since the third quarter of 2020.
00:48We achieved growth in innovations of about 50 million dirhams.
00:52About 35% of the company's growth came from innovations.
00:55We established an innovation factory in Abu Dhabi to drive this agenda.
01:02We achieved growth in e-commerce operations, which reached about 45 million dirhams in the first quarter.
01:09Alhamdulilah, the results were strong, not only in terms of finance, but also in terms of strategy.
01:15Of course, the U.S. income tax had an impact of about 9 million dirhams in the first quarter.
01:22Despite this, we succeeded in improving the net income by 60 points.
01:28Today, in light of your estimates and what we see in the global markets,
01:33in terms of coffee prices and cocoa prices,
01:38and today this is the main commodity that enters the production of your products,
01:43to what extent did it have an impact on the rise in costs during the past period?
01:48Alhamdulilah, our company today has a diverse portfolio that helps it face market fluctuations more effectively.
01:56We have a strong and very active purchasing system.
01:59We made some changes in some commodities, such as coffee and cocoa,
02:04and we covered ourselves for a longer period before the prices rose, which helped us.
02:09On the other hand, in sectors such as the thousands and minutes,
02:12we saw a decrease in the prices of commodities as a result of a decrease in the prices of the main commodity there.
02:19So, a diverse portfolio helps us face these challenges more effectively and deal with them.
02:25Yes, today, if we look at your targets for 2024,
02:31despite what we hear about the challenges and geopolitical tensions,
02:35the security risks in the Red Sea,
02:37to what extent have these factors not led to any change or alterations that you may carry out during this period for 2024 and beyond?
02:47Of course, the work environment is fluctuating,
02:50but we have the ability to face these challenges in a strong and effective way,
02:54and we have a clear strategy and we implement it continuously.
02:58We confirm that we will achieve a growth rate of 10-12% in 2024,
03:08and we will achieve a growth rate of 40-60 points in terms of profits before taxes and benefits,
03:14and we will achieve a growth rate of 30-50 points after the adoption of the new tax law in the United Arab Emirates.
03:25As you said, the topic is mostly based on strategies that strengthen the company's position in the markets
03:32and give us diversity and flexibility in facing these challenges.
03:36Thank God, we are in a good situation.
03:38Yes, within the framework of your plans and your expansion today,
03:42if we talk about the size of the liquidity available to the company and your financial situation,
03:48what are your plans and how much do you expect to spend capital in the coming period?
03:54Thank God, the company's financial situation is very strong.
03:57During the previous year and a half, we have greatly reduced debts.
04:02The debt balance ratio for EBITDA is about 1.3 times, which is a very competitive ratio.
04:08The profit margin is 8 times, which is a very strong ratio.
04:12We have a deposit of about 500 million dirhams,
04:15and we have the ability to borrow up to 2 billion dirhams if we need it.
04:20So, the company's financial situation is strong and we are managing it very well.
04:24As for the expansion and spending, we have invested in a new protein factory in Saudi Arabia.
04:29We have spent about 84 million dirhams on it.
04:31Thank God, the factory entered production this month and entered sales,
04:35and we expect to gain from it 40 to 45 million dirhams in sales in the Kingdom of Saudi Arabia.
04:41We have invested in the export of strawberries from Egypt, about 12 million dirhams.
04:45We are trying to target a total of 3 to 4% of capital expenditures.
05:00This is our target.
05:02Mr. Hisham, if we talk about your work in the Egyptian market today,
05:06in light of the fluctuations we have seen in the exchange rate,
05:09were there any fluctuations in the currency fluctuations?
05:13And today, the Egyptian market and the size of your sales in this market?
05:19Let me clarify several important points.
05:21First, the Egyptian market accounts for about 18 to 19% of the size of business.
05:27Our policy in the Egyptian market was to turn Egypt into a regional export center,
05:31in order to benefit from the reduction in production costs,
05:34its special strategic location, and its strong commercial relations.
05:38We have been working on this strategy since last year.
05:41Last year, we exported about 70 million dirhams from Egypt.
05:46We are aiming to increase this number to 100 million dirhams this year.
05:49This will give us a natural change in the price of the currency.
05:55In the first quarter, we were able to export 24 million dirhams.
05:58We export from all sectors.
06:01We export dates, frozen fruits and vegetables,
06:07and we started exporting coffee and dairy products as well.
06:12One last question.
06:14Are there any new markets that you are aiming to enter in the near future?
06:19We are expanding in Asia, India, Indonesia, and Asian countries.
06:27We entered the Brazilian market in the light food sector.
06:30We are expanding in Europe and America.
06:33We are expanding globally, God willing.