Abu Dhabi-based Agthia Group is planning further acquisitions in Egypt and Saudi Arabia after investing more than AED 2.3 billion (US$626.2 million) in expansion plans last year.
The company has made acquisitions across the region to strengthen its market leadership, especially in the huge economies of Egypt and Saudi Arabia.
The company has been staging acquisitions across the region as it aims to solidify its market leadership – particularly in the massive economies of Egypt and Saudi Arabia.
Just recently, Agthia acquired a 60 percent stake in Egyptian snack maker Abu Auf Group. Earlier this year, it announced an investment of AED90 million to build a new industrial facility in Saudi Arabia.
The move is in line with the Abu Dhabi firm’s long-term strategy, its chief executive officer Alan Smith told Wam in an interview.
The statements come after the food and beverage company recorded a 51 percent jump in half-year revenues to AED2 billion. Its net profit rose 74 percent year-on-year to AED118 million.
The acquisitions helped Agthia achieve these numbers.
“The acquisitions completed over the past year have not only delivered strong revenue growth, but have also enabled us to integrate the companies into the Group and effectively leverage synergies to drive revenue growth,” said Khalifa Sultan Al Suwaidi, Chairman of the Board.
