Agthia Group PJSC, one of the region’s leading food and beverage companies, announced Monday that its quarterly net revenues surpassed AED 1 billion in Q1 2022 for the first time since the company was established.
The quarter, ending 31st March 2022, saw a 58 percent year-on-year improvement in net revenues compared to the same period in 2021.
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.
“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,” Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said. “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”. 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.
