Domty reported its FY2015 results, with recurring earnings (post appropriations and one-offs) of EGP113.1 million versus EGP9.1 million in 2014, driven by solid revenue growth and margin expansion from a low base. Headline earnings came in at EGP128.7 million versus EGP28.7 million in 2014. Revenue increased 24% Y-o-Y to EGP1.4 billion as carton pack cheese (c66% of total revenue) grew 26% Y-o-Y and juice (c16%) grew c42%. Gross profit grew 52% Y-o-Y as gross margin advanced c4.9pp Y-o-Y to 26.2% on lower commodity prices (Domty’s average SMP cost -34% Y-o-Y). EBITDA more than doubled (+131% Y-o-Y), with EBITDA margin advancing a stronger c7.8pp as SG&A costs were 2% lower Y-o-Y. Overall, a solid results set that saw a continuation of the trends seen in 10M15. (Earnings release, Hatem Alaa, Nada Amin)   Domty: EGP10.01 as of 30 March 2016, MCap: USD282 million, DOMT EY / DOMT.CA