|31 March, 2019

UAE-based Agthia shareholders approve $24.4mln cash dividend

The group’s gross profit margin reached 34.3 per cent, 125 bps increase over last year

Investors watch a monitor at Dubai Financial Market April 27, 2014. Image for illustrative purposes.

Investors watch a monitor at Dubai Financial Market April 27, 2014. Image for illustrative purposes.

REUTERS/Mounir Saidi

Agthia Group, a leading UAE food and beverage company, said its shareholders have approved the distribution of 15 per cent cash dividends worth Dh90 million ($24.4 million) for the full year 2018.

Announcing the decision at the annual general meeting held in Abu Dhabi, Agthia said it had registered a net profit of Dh211 million in 2018, up 11 per cent over non-repeating items excluded from the previous year.

The group’s gross profit margin reached 34.3 per cent, 125 bps increase over last year.

It had also reported Dh2 billion worth of revenues for the financial year ended December 31, 2018.

Group Chairman Dhafer Ayed Al Ahbabi said: "Agthia has once again demonstrated its resilience and achieved strong results in another difficult year."

"These results highlight the Group’s commitment to continued growth despite the challenges, by transforming them into opportunities that positively impact our shareholders, consumers and partners," he stated.

Group CEO Tariq Ahmed Al Wahedi said: "Our cost optimisation programmes in addition to several other actions we have taken across our businesses has helped us protect our profit."

"We believe that in 2018 we have been successful in pursuing and delivering on our strategies and goals. We remain committed to sustainable and profitable growth by providing our consumers with trusted quality foods and beverages," stated Al Wahedi.

In 2018, Agthia opened its first water factory in Kuwait, increased its production capabilities in Saudi Arabia, and launched new innovative products including the world’s first Vitamin D plain water, 'Al Ain Vitamin D', and 'Al Ain Bambini', baby water.

Today, Agthia products are sold in over 30 countries worldwide.-TradeArabia News Service

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