Agthia Group nine-month net profit increases 19%

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Agthia Group PJSC, one of the UAE’s leading food and beverage companies, has reported a net profit of AED 179 million for the first nine months of 2015, an increase of 19 percent compared to the same period in 2014.

The group said this performance was driven by a growth in sales of 12 percent to AED 1.4 billion, as well as improved gross margins.

Dhafer Ayed Al Ahbabi, Chairman of Agthia Group commented: “Our performance over the last nine months shows that we are making strong progress on our strategy to become the market leader in our chosen categories and to deliver sustainable and profitable growth for our shareholders.”

Iqbal Hamzah, Chief Executive Officer of Agthia, added: “We have seen our core businesses continue to grow year-on-year, with water and beverages and flour categories in particular driving the results.”

“Our business and financial position is strong and we have the right strategy in place to remain on our growth trajectory creating value to our shareholders,” Hamzah added.

Agthia’s water and beverages segment, dominated by Al Ain bottled water, saw net revenues increase 24 per cent to AED457m during the first nine months of the year. The net profit for the segment rose 30 per cent to AED80m.

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