Agthia reports AED84 mn profit in first half of 2019

Abu Dhabi / Emirates Business

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.”