Agthia Group PJSC, a food and beverage company, reported a net profit of AED 84 million and revenues of AED 1.06 billion for H1 2019.
The company’s revenue grew 5.4% over the same period last year, with a portfolio that includes Al Ain Water, Al Bayan and Alpin, maintaining its position in the UAE at 30% and 28% 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 growth trajectory with net revenue up by 30% year on year. Flour in the agribusiness displayed a 12% growth in top-line versus last year on strong domestic volume.
“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’re steadily growing our market share,” says Tariq Ahmed Al Wahedi, chief executive officer of Agthia Group.
“Owing to our adaptability to unfavorable conditions and focusing on cost optimisation, we were able to materially limit the impact of external factors such as full flour subsidy removal in the Bakery channel, higher commodity prices and lower water pricing on profits,” he adds.
Agthia Group’s total assets stood at AED 3.1 billion as of 31 June 2019, equivalent to 5.6% growth versus last year.
