UAE's Agthia to pay $17.8mln cash dividend for H1 2021

Dividend is first interim payout of the Group

  
A trader talks on the phone during the opening of the Dubai stock market June 26, 2016. Image for illustrative purpose

A trader talks on the phone during the opening of the Dubai stock market June 26, 2016. Image for illustrative purpose

REUTERS/Ahmed Jadallah

UAE’s food and beverages giant Agthia Group is set to pay 65.31 million dirhams ($17.8 million) cash dividend for the first half of 2021. 

The dividend, approved by the shareholders, is equivalent to 8.25 fils per share and marks the first interim pay-out of the Group, the Abu Dhabi-listed company said in a statement. 

The announcement comes after the conglomerate witnessed a “promising” growth in the first half of the year.  

Agthia’s portfolio of products includes bottled water, processed food, as well as dairy and frozen goods. The company’s total revenues grew 21 percent year-on-year to 1.32 billion dirhams in the first six months of 2021. 

“Agthia has delivered a solid financial performance in the first half of 2021, reflecting our strong resolve in the face of global economic disruption,” Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said earlier. 

Last January, Agthia completed its merger with date processing and packaging company Al Foah, which is owned by ADQ’s industrial conglomerate Senaat.  

Agthia has had a series of deals recently, including the acquisition of snacks maker BMB Group and processed meat producer Nabil Foods. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021

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