Abu Dhabi,April 24th, 2007 (WAM) -- AGTHIA - Emirates Foodstuffand Mineral Water Company PJSC has announced a leap in first quarter net profits of more than one third over last year. The company, whichcontrols Al Ain Mineral Water Company and Grand Mills for Flour and Animal Feed Company, reported net sales of AED 131.9 million in the first quarter of this year, up 35 percent compared to the same periodin 2006. Net profit was also up 35 percent, to AED 9 million, resultingfrom higher sales and improved gross margin despite the rising grain prices.
Flour and feed sales registered an impressive 37 percent growth, whilemineral water sales were up 19 percent.
Ilias Assimakopoulos, Chief Executive Officer of AGTHIA, said the figuresprove the management's plans to transform the business are already reapingrewards. "While these efforts are still in their early stages, the initialresults are very encouraging," he said. "We have made immediate changesto improve our short term performance, launching a wide ranging attackon costs while focusing on improving productivity and asset management. While the changes have already yielded positive results, there is stillroom for further improvement," said Mr. Assimakopoulos. AGTHIA also recently welcomed Sheikh Hamed Bin Zayed Al Nahyan,Chief of Abu Dhabi Crown Prince's Court and Chairman of the HigherCorporation for Specialised Economic Zones (ZONECORP),to their offices in AbuDhabi. Sheikh Hamed is committed to providing support to the AGTHIA organizationand management team. Sheikh Hamed expressed his approval and alignmentwith the management's strategies and action plans, as well as the company'snew vision, mission and objectives set for the next three years to providemaximum benefit of all the shareholders. "The business transformation is in gear. Each of the businesses now hasa clear direction for the near future and we look forward to buildingon these fantastic achievements," commented H.E. Rashed Al Hajeri, Chairmanof the Board of AGTHIA.
