Agthia Group reports 14% rise in net profit for 2022

UAE-based food and beverage company Agthia Group announced preliminary and unaudited results for the fiscal year ending December 31, 2022.

The group reported a rise of 14 per cent year-on-year in net profit to reach Dhs247m.

Group net revenue also increased 33 per cent year-on-year to reach Dhs4.07bn, with 97 per cent growth on a two-year basis.

The group’s net operating income grew 39 per cent year-on-year to Dhs351m, faster than revenue, with scale and diversification across the business supporting optimisation as well as cost and production efficiencies.

One step down, revenue from the group’s protein and frozen segment grew 75 per cent year-on-year (like-for-like revenue growth of 13 per cent).

Snacking segment increased revenue by 75 per cent year-on-year, with LFL growth of 12 per cent, with new product launches and demand from new international markets generating growth in the Al Foah dates business, the company said in a statement on Tuesday.

Profit from the snacking segment also increased by 60 per cent year-on-year, posting LFL growth of 20 per cent. The group secured high single-digit revenue growth in its agri-business, with “strong volume growth in core flour categories”, it added.

Agthia Group’s total assets stood at Dhs6.8bn as at December 31, 2022, with total shareholders’ equity of Dhs2.8bn.

“Our strategy to acquire, integrate and grow attractive businesses in value-add categories continues to bear fruit, and two years into our transformative journey to a leading food and beverage company in the MENAP region and beyond, we are far bigger, more efficient and have greater capabilities than ever before,” said Alan Smith, chief executive officer of Agthia Group.

The group announced the appointment of Sherif Elfaham as its group chief financial officer, effective January 1.

To enhance its supply chain connectivity, improve logistics and operational efficiencies, Agthia partnered with AD Ports Group last year.

Read: UAE’s Agthia Group partners with AD Ports Group to enhance supply chain connectivity