ABU DHABI —
Agthia Group PJSC,
one of the region’s leading food and beverage companies, announced on Monday that
its quarterly net revenues surpassed AED 1 billion in Q1 2022 for the first
time since its inception. The quarter, ending March 31, 2022, saw a 58 percent
year-on-year improvement in net revenues compared to the same period in 2021.
اضافة اعلان
Group net profit attributable to shareholders registered at AED 82
million for the quarter, a 64 percent increase relative to Q1 2021. The previous
quarter was the first when the performance of all five acquisitions made
throughout 2021 – Al-Foah, Al-Faysal Bakery & Sweets, Nabil Foods, Atyab,
and BMB Group – was consolidated and reflected on the Group’s financial
statements.
Khalifa Sultan Al-Suwaidi, chairman of
Agthia Group, said: "Agthia’s
first quarter results for 2022 are indicative of the hard work throughout the
previous year to acquire and consolidate value-accretive brands that complement
our existing portfolio of companies. The Group’s impactful start to the year demonstrates
we are now well-positioned to begin reaping the fruits of our labor following a
year of measured discipline and rigorous application of our strategy to seize
growth. This achievement is just the beginning of our mission to build a more
holistic, efficient, and integrated business model after successfully rounding
out the first year of our five-year strategy.”
Alan Smith, chief executive officer of
Agthia Group, said: “In the
first quarter of 2022, our attention was focused primarily on the seamless
integration of the entities acquired in 2021. Despite the ongoing fluidity of market
conditions and a challenging global inflationary environment, we are steadfast
in continuing Agthia’s journey of transformation. Our first quarter results are
proof of our conviction in the M&A activities conducted last year through
the generation of healthy growth to our top-line revenues across all our
verticals. We see significant headroom to grow further as we continue to pursue
full integration as a top priority in 2022 and we remain firmly on-track to
deliver against our five-year strategic roadmap.”
From a financial perspective,
Agthia’s consumer business division achieved
substantial growth of 83 percent compared to the previous year, now
encompassing 75 percent of total group sales.
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