Agthia Group reports AED97 million in first-quarter net profit

Agthia Group reports AED97 million in first-quarter net profit

ABU DHABI, 09 May (2023) -- Agthia Group PJSC, one of the region’s leading food and beverage companies, today announced its first quarter results for the three months ending 31 March 2023.

The group's net profit1 increased 6.5% year-on-year to AED 97 million, with net profit margin down 44bps reflecting higher interest costs year-on-year (net profit / margin impact of AED -20 million / -168bps) and currency devalation in Egypt (AED -11million / -97bps).

Its net revenue increased 12.3% year-on-year to AED1.18 billion, with 6% from pricing and 6% volume growth, as increasing diversification by brand and geography enabled Agthia to optimiSe product and channel mix through the quarter. Group revenue growth, excluding the adverse currency headwind in Egypt, was 22.9% year-on-year.

Like-for-like (LFL) revenue growth, including Abu Auf in the prior comparable period, was +4.5% year-on-year in AED terms or + 20.3% year-on-year excluding the impact of EGP devaluation, with double-digit growth from Agri and Snacking, 24% growth from Protein excluding currency impact, and mid single-digit growth from Water & Food.

EBITDA growth was ahead of revenue, up 18.9% year-on-year to AED 188 million or +31.7% year-on-year excluding the impact of EGP devaluation, and was driven by strong growth in Snacking and Water