Agthia’s shareholders approve 8.25% cash dividend for H2 2021

Agthia Group’s shareholders have signed off on the board of directors’ proposal for a cash dividend of 8.25 per cent, equivalent to 8.25 fils per share, in line with the group’s semi-annual dividend policy.

Total dividends distributed for the year amounted to Dhs130.6m, a 9.9 per cent increase relative to Dhs118.8m distributed in 2020.

Agthia recently reported a group net revenue of Dhs3.07bn in 2021 – a 49 per cent growth year-on-year, boosted by the inclusion and financial consolidation of Al Foah, Al Faysal Bakery, Nabil Foods and Atyab.

The company’s protein segment contributed 21 per cent with the snacking segment bringing in 18 per cent. Water/beverage and other food items segment contributed 31 per cent while the agri segment brought in 30 per cent of the group’s revenues in 2021.

The group’s total assets as of December 31 2021 reached Dhs6.4bn, following the consolidation of new assets into the business, up from Dhs3.1bn as recorded for the previous year. Total shareholders’ equity stood at Dhs2.8bn for the period, increasing from Dhs1.9bn in 2020.

Read: Abu Dhabi’s Agthia Group posts Dhs216m in net profit for 2021

Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said that 2021 was a “transformational” year for Agthia. He added: “We announced our growth strategy targeted to achieve the goal of becoming a regional leader in F&B by 2025. Despite ongoing market volatility and challenging economic headwinds, we continued our disciplined and methodical execution which has led to our commercial growth, geographical expansion, and an increase in our human capital. We have built a strong, progressive, and sustainable business that is opening up new markets and providing high-quality products to more people.”

Alan Smith, CEO of Agthia Group, said: “Agthia’s prudent acquisition strategy throughout 2021 was vital to creating value for both shareholders and stakeholders across the Group, by unlocking additional revenue streams and profits. We expect next year, having established the four verticals of our operating model, to each contribute 25 per cent to the business, and achieve our target of 75 per cent of income being generated by consumer-based products. 2022 will be the year we fully reap the benefits of acquisitions made in line with our 2025 strategy. We have laid meaningful foundations in transitioning the company towards a more consumer product-based business, which we expect to deliver a significant impact on our performance over the next 12-month period.”