UAE's F&B giant Agthia to distribute $32.3mln dividends

Firm plans to 'unlock' new opportunities for growth this year

  
Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018. Image used for illustrative purpose.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

UAE’s food and beverage giant Agthia Group will distribute cash dividend worth 118.8 million dirhams ($32.3 million) to its shareholders.

The 16.5 percent payout, equivalent to 0.165 dirhams per share, received the approval on Thursday during the company’s annual general meeting.

The Abu Dhabi-listed company reported a net profit of 34.5 million dirhams and net revenue of 2.06 billion dirhams for 2020.

Its consumer business, which includes water, food and beverage, contributed the company’s top-line, while the remaining 45 percent came from the agri-business, which includes flour and animal feed.

The company that produces consumer essentials like dairy, flour, bottled water and baked products maintained that it was able to demonstrate its resilience during the past year despite the pandemic.

“As we look towards the future, we will continue our proactive efforts to address consumer demands and unlock new opportunities for growth that will further expand and cement Agthia’s leadership in the region,” said Khalifa Sultan Al Suwaidi, chairman of Agthia Group.

Agthia was earlier reported to have plans to make more acquisitions to bolster its business.

Last year, the company acquired Al Foah, the world’s largest dates processing and packaging brand, as well as Al Faysal Bakery & Sweets, one of Kuwait’s established industrial bakeries.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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