Agthia Group posted AED216 million ($58.81million) in net profit and net revenues of over AED3 billion ($820 million).
Agthia Group announced preliminary and unaudited results for the fiscal year ending 31st December 2021
The group grew its revenues by 49 percent year-on-year following strong growth in the Protein and Snacking segments through acquisitions, since consolidated under the Group’s brand portfolio.
The Consumer-Business contribution to Agthia’s top-line almost doubled versus last year, reflecting the positive growth of the Group.
This was driven primarily by the positive momentum generated by the newly acquired entities in the segment, as part of the Group’s strategy to drive growth and diversify revenue streams.
As a result, Protein and Snacking contributed a healthy AED1.07 billion ($290 million) to the top-line for the full year.
Nabil Foods and Atyab contributed only nine months and five months of revenues, respectively, since acquisition.
Water and Beverage revenues saw promising improvements in the second half of 2021 as hotels and restaurants began to increase footfall in earnest.
The water retail channel, which includes Al Ain Water, Al Bayan, Voss, and Alpin, continued to demonstrate resilience while preserving market leadership with respective 26 percent and 23 percent volume and value shares.
Agri-business division revenues were flat versus last year, which included a one-time World Food Program order in Q1’20.
On profitability, global inflation in grain prices and freight costs continued to put pressure on margins, which we addressed through operational efficiencies and pricing adjustments.
Agthia Group’s total assets stood at AED6.4 billion as of 31st December 2021, increasing significantly following the integration and financial consolidation of Al Foah, Al Faysal Bakery, Nabil Foods, Atyab, and (BMB Group – as of December 31st 2021).
Total shareholders’ equity stood at AED2.8 billion ($760million) following the additional 191.6 million shares issued to complete the Al Foah and Nabil Foods acquisitions.
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