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Abu Dhabi – Agthia Group PJSC, one of the region’s leading food and beverages companies, reported net profit of AED 117.2 million and net revenues of AED 1.55 billion during the first nine months of 2019. The company grew its revenues by 4.3% year-on-year, driven by the consumer business which now constitutes 57 percent of top-line.
Locally, Agthia’s water portfolio made up of UAE’s favorite Al Ain Water along with Al Bayan, and Alpin, safeguarded market leadership at respective 30 percent and 28 percent volume and value shares. International markets, particularly Saudi Arabia and Kuwait, coupled with 5-gallon HOD businesses continued to drive top-line growth of 3.5 percent in the Water and Beverage segment. Food segment recorded 26.2 percent growth in net revenues largely driven by ‘trading items’ and Egypt. Flour in the Agri business grew its revenues by 14 percent on expanded domestic retail penetration and exports.
H.E. Eng. Dhafer Ayed Al Ahbabi, Agthia Group Chairman, said, “Agthia was able to grow revenues and maintain leading market share despite challenging market conditions. Our financial performance demonstrates the Group’s resilience and commitment to enhancing and protecting shareholder value, by all means.”
Tariq Ahmed Al Wahedi, Agthia Group CEO, said, “Diversifying our product portfolio and increasing our geographical expansion has enabled us to maintain positive revenue growth momentum. Our water portfolio continues to dominate the UAE market despite price promotions putting pressure on our volumes in favor of profit protection. Robust performance of our international operations was evident during the period as we succeed in growing our market share in Saudi Arabia and Kuwait.”
Al Wahedi added, “Thanks to our disciplined response to unfavorable external factors, the aggregate impact of the lost bakery channel subsidy, higher commodity pricing and de-growth in bottled water category in the UAE, on profits is reduced.”
Agthia Group’s total assets stood at AED 3.1 billion as of 30 September 2019, equivalent to 6.1 percent growth compared to the same period 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.
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