ABU DHABI, Agthia Group today announced its financial results for the first quarter of 2020, registering total revenues of AED571 million, a 12 percent year-on-year growth compared to the same period in 2019.
In a statement on Sunday, Agthia registerd net profits of AED27 million as of 31st March 2020.
The Group’s agri-business recorded AED273 million in revenues, an increase of 21 percent year-on-year. “The flour segment not only retained its market leading position across retail channels, but also achieved significant top-line growth of 52 percent to AED154 million versus last year,” the company noted Within Agthia’s consumer-business, revenues reached AED298 million, a six percent year-on-year increase, where the food segment net revenues increased by 21 percent driven by trading items, as well as tomato paste and frozen foods in both UAE and Egypt, as consumers responded to the current pandemic situation.
Also, the company’s water and beverage category revenues reached AED216 million. In the UAE, Agthia’s five-gallon home and office distribution business grew its top-line by eight percent year-on-year, while the bottled water portfolio sustained its strong market leadership in both volume and value share at 29 percent and 26 percent respectively.
Khalifa Sultan Al Suwaidi, Chief Investment Officer at ADQ and Chairman of Agthia, said, “As we look ahead to further improve efficiency across the F&B sector, Agthia’s Q1 2020 financial results demonstrate the company’s robust and strategic response to the current challenging market conditions.
“Our agile supply chain and tried and tested business continuity strategy have also supported these strong results. It is even more important at times like these for us to reaffirm our commitment to align with the vision of the government and promote the wellbeing of people through our nutritious products,” he added.
Jamal Salem Al Dhaheri, Acting Chief Executive Officer of Agthia, said, “We continue to produce positive results in core segments such as food and flour, as well as a dominant lead in market share across key categories such as water. This was the result of a number of factors, not least the implementation of our strategic business continuity plans, and a concerted programme of ensuring that all our consumer support division outlets have plentiful stocks of staple food and beverage products.”
Source: Emirates News Agency