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ABU DHABI / WAM
Agthia Group, one of the region’s leading food and beverage companies, held its general assembly meeting virtually on Tuesday.
During the meeting, shareholders approved the board’s proposed interim cash dividend of 8.25 fils per share (AED65.31 million) for the six months ending June 30, 2023.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, stated, “Our interim dividend reflects Agthia’s robust balance sheet and strong cash generation, and continued confidence in its future growth prospects as it promotes its strategy to become a leading food and beverage company in the Mena region and beyond.”
Alan Smith, CEO of Agthia Group, added, “Agthia’s performance during the first half of 2023 is a testament to our ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core. Our strong cash generation enables us to accelerate investment in capacity, sustainability, and digital excellence to futureproof our growth while delivering an attractive return for all stakeholders.”
Agthia Group recently announced strong first-half results, with group net revenue increasing 10.3 percent year-on-year to AED2.2 billion, Ebitda increasing 18.3 percent supported by margin expansion in snacking, protein and water and food, and a 6.6 percent increase in group net profit. The group’s balance sheet remained robust, with cash and equivalents of AED0.6 billion and liquidity of AED2.0 billion.