UAE’s Agthia Group posts Dhs3.27bn in nine-month revenue

UAE’s Agthia Group posts Dhs3.27bn in nine-month revenue

Image courtesy: Agthia Group

UAE food and beverages group Agthia said its net revenue in the first nine months of 2023 rose by 10.9 per cent to Dhs3.27bn year-on-year (YoY), driven by a robust performance from the snacking and agribusiness segments as well as a more competitive and price-sensitive backdrop in some markets.

The group’s snacking segment, product and packaging innovation in dates combined with a premiumisation shift in consumer demand is driving strong value growth across both UAE and international markets, Agthia said in a bourse filing.

“Agthia’s third quarter results demonstrate continued progress against strategic objectives, namely protecting the core business, reaping the rewards of recent value-accretive mergers and acquisitions, and investing in capability and innovation to deliver our vision to become a leading food and beverage company in the MENA region,” said the group’s chairman Khalifa Sultan Al Suwaidi.

Furthermore, Agthia’s water and food segment saw positive volume growth both in local and international markets, with notable performances from Saudi Arabia, Kuwait, and Turkey.

Agthia said adjusting for the impact of Egyptian currency devaluation on revenue, the group revenues increased more than 20.7 per cent YoY, with the growth of 46.5 per cent and 15 per cent respectively from the snacking