Abu Dhabi, UAE: Agthia Group PJSC (AGTHIA:UH), one of the region’s leading food and beverage companies, held its General Assembly Meeting virtually today. During the meeting, shareholders approved the Board’s proposed interim cash dividend of 8.25 fils per share (AED 65.31 million) for the 6 months ending 30th June 2023.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Our interim dividend reflects Agthia’s robust balance sheet and strong cash generation, and continued confidence in its future growth prospects as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond."
Alan Smith, CEO of Agthia Group, added: "Agthia’s performance during the first half of 2023 is a testament to our ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core. Our strong cash generation enables us to accelerate investment in capacity, sustainability, and digital excellence to futureproof our growth, while delivering an attractive return for all stakeholders.”
Agthia Group recently announced strong first-half results, with Group Net Revenue increasing 10.3% year-on-year to AED 2.2 billion, EBITDA increasing 18.3% supported by margin expansion in Snacking, Protein and Water & Food, and a 6.6% increase in Group Net Profit. The Group’s balance sheet remained robust with cash and equivalents of AED 0.6 billion and liquidity of AED 2.0 billion.
Agthia Group is a leading Abu Dhabi-based food and beverage company. Established in 2004, the Company is listed on the Abu Dhabi Securities Exchange (ADX) and has the symbol “AGTHIA”. Agthia Group PJSC is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
The Company’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt, Turkey, and Jordan. Agthia offers a world-class portfolio of integrated businesses providing high-quality and trusted food and beverage products for consumers across the UAE, GCC, Turkey, and the wider Middle East. More than 12,000 employees are engaged in the manufacturing, distribution, and marketing of various products in categories such as Consumer Business (Al Ain Water, Al Bayan, Alpin Natural Spring Water, Ice Crystal, VOSS, Al Ain Tomato Paste, Al Ain Trading Items); Snacking (Al Foah, Yoplait, Al Faysal Bakery & Sweets, BMB, Abu Auf); Proteins and Frozen (Nabil Foods, Atyab, Al Ain Frozen Vegetables); and Agri-Business (Grand Mills, Agrivita).
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