Group net profit for the period increased by 74% compared to the first half of 2021 to AED 118 million
Agthia Group, a major food and beverage company, said its revenue in the first half of the year reached AED 2 billion (US$544.5 million), up 51% from the same period last year.
The Groups net profit for the period grew to AED118 million, a 74 percent increase compared to H1 2021.
The company said its ongoing consolidation of strategic acquisitions has helped it shore up the revenues in the January-June period of 2022, despite the challenging global inflationary environment.
“The acquisitions we have completed over the past year have not only delivered strong top-line growth but also contributed to enhanced profitability as we integrate the businesses into the Group and leverage synergies effectively,” Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said.
He said the first half results also demonstrated the increasing benefits of the group’s growth strategy to strengthen its f&b leadership in the Middle East and beyond.
Alan Smith, Agthia’s chief executive officer, said, “In the first quarter, our focus was on the consolidation of acquired entities, and in the second quarter we turned our attention towards accelerating synergy extraction and Group integration, which helped us offset higher direct costs and M&A related expenses while minimizing the impact of supply chain disruption and tackling market volatility and inflation.”
Smith said the company board approvals for expansion of the protein business in Saudi Arabia and the acquisition of Egypt-based Auf Group will further support the realisation of the Group’s five-year strategy.
