Agthia Group posts 6.6% first-half profit rise to Dhs144m

Agthia Group posts 6.6% first-half profit rise to Dhs144m

Image credit: Agthia Group/ Instagram

UAE food and beverages group Agthia reported a 6.6 per cent increase in first-half profit, despite the currency headwind in Egypt and some demand phasing in Q2 2023 from the earlier Ramadan and Eid holidays.

Net profit rose to Dhs144m, with the slower rate of growth relative to earnings before interest, taxes, depreciation and amortisation (EBITDA) reflecting the higher interest rate environment (interest costs Dhs34m year-on-year), Agthia said in a regulatory filing.

The group’s revenues in the six months to June 30 surged by 10.3 per cent year-on-year (YoY) to Dhs2.2bn (3.6 per cent growth from pricing and 6.7 per cent from volume), reflecting a strong volume and value performance from dates, underpinned by premiumisation and innovation.

قال آلان سميث، الرئيس التنفيذي للمجموعة: “هناك الكثير مما يجب أن نفخر به على مدار الأشهر الستة الماضية، بدءًا من إطلاق المنتجات المبتكرة في أسواق جديدة قابلة للتطوير وتعزيز مجلس الإدارة والفريق القيادي في مجموعة أغذية، pic.twitter.com/THZLIpmS91

— Agthia Group (@AgthiaGroup) August 2, 2023

“Agthia’s results for the first six months of the year further demonstrate the management’s ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core, across all economic cycles,” said Khalifa Sultan Al Suwaidi, chairman of Agthia