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Agthia Group PJSC, one of the UAE’s leading food and beverage groups, this morning reported H1 2018 net profit of AED 109 million on revenues of AED 1.01 billion, representing 1 percent like-for-like revenue growth. Agthia’s like-for-like profit also increased by 6 percent, driven by the Group’s relentless focus on cost efficiencies and optimization to add value to its bottom line and enhance its product mix across key categories.
Agthia’s flagship water brand, Al Ain Water, retained its market leading position in the UAE on account of strong volume sales in the Bottled Water and 5-Gallon Water categories. The Group’s Food category, which includes the Company’s Egypt operations, continued its outstanding turnaround with net revenues reaching AED 105 million, an increase of AED 14 million or 15 percent y-o-y.
HE Eng. Dhafer Ayed Al Ahbabi, Chairman of Agthia, said, “Agthia was able to not only withstand various market pressures in the first half of the year, but also thrive and continue with the remarkable profit turnaround of some of our categories. Agthia will continue to work hard to keep our promise to continually deliver sustainable profitable growth for the benefit of all of our stakeholders.”
Tariq Ahmed Al Wahedi, Chief Executive Officer of Agthia, said, “In the first six months of the year, we grew our feed, food and water businesses and I am proud to say that our signature product, Al Ain Water, maintained its clear leadership in the UAE at 29 percent and 27 percent volume and value market share respectively. We remain committed to producing high-quality, essential products for our customers that meet their needs and inspire our wholehearted living vision.”
Al Wahedi added, “Agthia will continue to innovate and enrich its portfolio by introducing products like Al Ain Vitamin D that are new to the world and good for our consumers and ultimately, significantly support our growth and expansion strategy.”
Agthia Group’s Consumer Products segment which includes market leader Al Ain water brand in addition to innovative Al Ain Zero and Al Ain Vitamin D water posted AED 543 Million in revenue, representing 54 percent of the Group’s revenue. Group’s Agri Products segments consisting of Grand Mills Flour and Agrivita Animal Feed, contributed AED 464 million in revenues.
The company has also reported that their Kuwait joint venture bottled water factory started commercial operations as of the 2nd week of July.
The Company’s audited Financial Statements along with the Directors’ Report are available at the Company’s website www.agthia.com and at www.adx.ae.
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