Agthia Group Q1 2023 results: Strong and profitable growth across the first quarter

Agthia Group Q1 2023 results: Strong and profitable growth across the first quarter

- Like-for-like (LFL) revenue growth including Abu Auf in the prior year of 4.5%

- EBITDA +19% YoY to AED 188 million; strong growth in Snacking and Water profitability and good cost discipline

- Net profit[1] +6.5% YoY to AED 97 million, reflecting higher interest rates and a currency headwind in Egypt

- Excluding the currency headwind in Egypt, net revenue +23%, LFL revenue +20%, EBITDA +32%, net profit +19%

Abu Dhabi, UAE – 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.

Financial highlights

- Group net revenue increased 12.3% year-on-year to AED 1.18 billion, with 6% from pricing and 6% volume growth, as increasing diversification by brand and geography enabled Agthia to optimize 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