Agthia Announces H1 2019 financial results

Revenues recording 5.4% y-o-y growth in H1 2019

  
Eng. Tariq Ahmed Al Wahedi, Chief Executive Officer of Agthia Group.jpg

Eng. Tariq Ahmed Al Wahedi, Chief Executive Officer of Agthia Group.jpg

Preserved market leadership and financial resilience 

Abu Dhabi -Agthia Group PJSC, one of the region’s leading food and beverage groups, this morning reported H1 2019 net profit of AED 84 million and revenues of AED 1.06 billion.

Driven by the Group’s endurance to adverse market conditions along with the geographical and segmental diversification, the company grew revenues 5.4 percent over the same period last year and maintained market leadership across key categories.

Agthia’s water portfolio- Al Ain Water, Al Bayan, and Alpin, preserved market leading position in the UAE at 30 and 28 percent volume and value shares, respectively. International operations, specifically Saudi Arabia and Kuwait, along with the 5-Gallon HOD business drove Water & Beverage revenues. The Group’s Food category also sustained its remarkable growth trajectory with net revenue up by 30 percent year on year. Flour in the Agri business displayed a 12 percent growth in top-line versus last year on strong domestic volume.

HE Eng. Dhafer Ayed Al Ahbabi, Chairman of Agthia Group, said, “Agthia displayed financial resilience amid a challenging market environment by defending market leadership, delivering top-line growth and protecting profits. Looking ahead, we continue to focus on differentiation, diversification and innovation to deliver the best value and quality to all our stakeholders.”

Tariq Ahmed Al Wahedi, Chief Executive Officer of Agthia Group, said, “Our expansion strategy, coupled with our continually diversifying portfolio, have enabled the Group to grow revenues in the first six months of the year. We have continued to lead the UAE market with our water portfolio driven by our signature water brand Al Ain and the 5-Gallon HOD business. Our global assets and businesses also performed exceptionally well, led by Kuwait and Saudi Arabia, where we are steadily growing our market share.”

Al Wahedi added, “Owing to our adaptability to unfavorable conditions and focus on cost optimization, we were able to materially limit the impact of external factors such as full flour subsidy removal in Bakery channel, higher commodity prices and lower water pricing on profits.”

Agthia Group’s total assets stood at AED 3.1 billion as of 31 June 2019, equivalent to 5.6 percent growth versus last year, The Company’s audited Financial Statements along with the Directors’ Report are available at the Company’s website www.agthia.com  and at www.adx.ae.

About Agthia

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”. 51 percent of the Company’s shares are held by Senaat (General Holding Corporation), an Abu Dhabi Government entity, with the balance held by retail and institutional investors. The Company’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt and Turkey. Agthia offers a world class portfolio of integrated businesses providing high quality and trusted food and beverage products for customers and consumers across the UAE, GCC, Turkey and the wider Middle East. More than 4,000 employees are engaged in manufacturing, distribution and marketing various food and beverage products: Water (Al Ain, Al Bayan, Alpin Natural Spring Water, Delta, Bambini); Flour (Grand Mills); Animal Feed (Agrivita, Agrivita Marabea); Juices (Al Ain Fresh, Capri Sun); Dairy (Yoplait); Processed Food (Al Ain Tomato Paste, Frozen Vegetable); Ambient and Frozen Bakery (Grand Mills). For more information: www.agthia.com | ir@agthia.com | Tel: 971 2 506 0600.

© Press Release 2019

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