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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Egypt’s Breadfast to expand to Middle East, gets $26M backing

Breadfast, an online grocery delivery company that wants to become a regional leader in the food and grocery delivery sector in Middle East and Africa.
  • The investment is coming two years after Breadfast raised a $2 million
  • In total, the company has secured more than $30 million

Breadfast, an online grocery delivery company that wants to become a regional leader in the food and grocery delivery sector in Middle East and Africa has raised $26 million in Series A financing from an impressive group of investors, techcrunch.com reported.

They include lead investors Vostok New Ventures and Endure Capital and participating investors JAM Fund (led by Tinder co-founder Justin Mateen), YC Continuity Fund, a large unnamed Saudi-based fund, Shorooq Partners, 4DX Ventures and logistics giant Flexport.

The investment is coming two years after Breadfast raised a $2 million pre-Series A round. In total, the Egyptian on-demand delivery company has secured more than $30 million.

In 2017, Mostafa Amin, Muhammad Habib, and Abdallah Nofal came up with the idea of an on-demand bakery service that delivers freshly baked bread and pastries to customers. The company is now a full-service online grocery retailer with over 2,500 SKUs.

CEO Amin, quoted by techcrunch.com, said the founders started with bread because it was the “most basic food unit in an Egyptian household.” 

With more than 2,500 supermarket items, Breakfast currently serves 170,000 households in Egypt. The company claims that it has a 65% customer retention rate month-over-month and that revenue has grown 4x from 2019 to 2020.

Nearly $1 trillion is spent on food and grocery delivery across Africa and the Middle East. And Egypt is a big market across both the regions.