Agthia Group 2022 preliminary results – A year of strong growth

Agthia Group 2022 preliminary results – A year of strong growth

- Revenue growth in excess of 70% from key Snacking and Protein segments

- Net operating income +39% YoY, leveraging synergies while maintaining a profitable core

- Net profit +14% YoY and Earnings per Share +9% YoY

Abu Dhabi, UAE: – Agthia Group PJSC, one of the region’s leading food and beverage companies, today announced preliminary and unaudited results for the fiscal year ending 31 December 2022.

Group net revenue increased 33% year-on-year to AED 4.07 billion, with growth of 97% on a two-year basis. Revenue growth from our Snacking and Protein segments increased by more than 70% year-on-year, with high single-digit growth in our agri-business and continued market leadership in UAE bottled water.

Net operating income grew faster than revenue, up 39% year-on-year to AED 351 million, with greater scale and diversification across the business supporting product and channel optimization and further cost and production efficiencies.

Group net profit increased 14% year-on-year to AED 247 million, notwithstanding industry-wide inflationary pressures across the supply chain, currency devaluation in Egypt, and higher interest rates compared with the prior year.

- Revenue from our Protein & Frozen segment grew 75% year-on-year (like-for-like (LFL) revenue growth of 13%), with strong brands and effective tiering supporting robust pricing and good volume