RIYADH: The UAE’s Agthia Group saw a 51 percent year-on-year growth in net revenues, according to a company statement.
The firm pulled in 2 billion dirhams ($544.5 million) in the first half of 2022, thanks to exceptional growth in the first three months of the year and the ongoing consolidation of strategic acquisitions.
The Abu Dhabi-based food and beverage company's net profit attributable to shareholders grew 74 percent year-on-year to 118 million dirhams, despite a global inflationary environment.
Khalifa Sultan Al Suwaidi, chairman of Agthia, said:“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.”
Agthia recently announced a 90 million dirhams investment in a manufacturing facility in Saudi Arabia to drive growth for its protein vertical and in response to strong demand from local customers.
In July 2022, the company’s board approved the acquisition of a strategic 60 percent stake in Auf Group, a specialized healthy snacks and coffee manufacturer and retailer in Egypt.
Agthia Group has also received its board’s approval to acquire 60 percent of Egyptian coffee maker Auf Group as it expands its footprint in the north African country last month.
The company’s CEO, Alan Smith, struck an optimistic tone when discussing the company’s future.
“Recent milestones, including Board approvals for expansion of our protein business in the Kingdom of Saudi Arabia and the acquisition of Egypt-based Auf Group will further support the realization of our five-year strategy as we capitalize on our strengthening momentum in-market,” he said.
Last year, Agthia acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry.