ABU DHABI, Arab Emirates, May 16, 2022 (GLOBE NEWSWIRE) -- Agthia Group PJSC, one of the region's leading food and beverage companies, announced today that its quarterly net revenues surpassed AED 1 billion in Q1 2022 for the first time since its inception, registering a 58% year-on-year growth.
Group net profit attributable to shareholders was AED 82 million for the quarter, a 64% increase relative to Q1 2021. The quarter was the first when the performance of all five acquisitions made in 2021 were consolidated and reflected on the Group's financial statements.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: "Agthia's first quarter results for 2022 are indicative of the hard work throughout the previous year to acquire and consolidate value-accretive brands that complement our existing portfolio of companies. This achievement is just the beginning of our mission to build a more holistic, efficient, and integrated business model after successfully rounding out the first year of our five-year strategy."
Alan Smith, Chief Executive Officer of Agthia Group, said: "In the first quarter of 2022, our attention was focused primarily on the seamless integration of the entities acquired in 2021. Despite the ongoing fluidity of market conditions and a challenging global inflationary environment, we are steadfast in continuing Agthia's journey of transformation. We see significant headroom to grow further as we continue to pursue full integration as a top priority in 2022 and we remain firmly on-track to deliver against our five-year strategic roadmap."
From a financial perspective, Agthia's consumer business division achieved substantial growth of 83% compared to the previous year, now encompassing 75% of total group sales.
- The Protein & Frozen segment contributed AED 294 million to the top-line, driven by the consolidation of Nabil Foods and Atyab in the quarter.
- Snacking added AED 255 million to the top-line, driven by the first quarter inclusion of BMB Group, Al Foah and Al Faysal Bakery & Sweets.
- Water & Beverage, and Other Food items, recorded revenues of AED 238 million. The bottled water segment in the UAE preserved market leadership throughout the quarter, standing respectively at 28.6% for volume and 28.5% in value shares.
- Revenue in the Agri-business division for the quarter stood at AED 266 million, a 13% increase relative to 2021.
The Group's total assets reached AED 6.6 billion as of 31st March 2022, while total shareholders' equity for the period stood at AED 2.8 billion.
Agthia's Board of Directors approved a cash dividend equivalent to AED 0.0825 per share for the second half of 2021.
-ENDS-
About Agthia
Agthia is a leading Abu Dhabi based food and beverage company. Established in 2004, the Company is listed on the Abu Dhabi Securities Exchange (ADX) and has the symbol "AGTHIA". Through Senaat, Agthia Group PJSC is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy.
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Eman Salem, press@30n.org
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