Agthia posts 17% rise in Q1 2021 revenues

Agthia posts 17% rise in Q1 2021 revenues

Agthia Group, a leading regional food and beverages company, on Tuesday announced its Q1 2021 financial results for the period ending March 31. The group recorded earnings per share of AED0. 069 per share and total revenues of AED 665. 5 million, representing 57% and 17% year-on-year growth, respectively, compared to the same period in 2020. The group's consumer-business recorded AED 430. 5 million in revenues. The net revenue of the food segment, which includes tomato paste & frozen vegetables, bakery, dairy and trading items, increased by 23. 5% on continued at-home consumption trend for tomato paste and frozen vegetables in both the UAE and Egypt and the inclusion of Al Faysal Bakery & Sweets post consolidation. Furthermore, Al Foah contributed AED 137 million to the top-line during the 3-month period. The water & beverage category revenues came in at AED 192 million, with the 5-gallon home and office distribution business growing its top-line by 4% year-on-year, on favourable sales mix and expanded market share. Meanwhile, the group's bottled water portfolio sustained its market leadership in both volume and value share at 29% and 26% respectively. Within Agthia's agri-business, revenues reached AED 235 million, lagging the sales of 2020 which