The Agthia Group announced on Tuesday, March 8, that its net revenue reached AED3.07 billion ($834.94 million) for 2021.
This, it said, was equivalent to 49 percent year-on-year growth.
It is said to have followed the consolidation and integration of key acquisitions into the business.
Net profit stood at AED216 million ($58.82 million) compared to AED34 million ($9.26 million) in the previous year.
Of this, AED83 million ($22.6 million) of one-off costs were incurred as a result of a strategic review of the company’s balance sheet, it said.
The improvement to net income was underpinned by the addition of Al Foah, Al Faysal Bakery, Nabil Foods, and Atyab, alongside key cost optimization initiatives and pricing that mitigated the impact of higher raw material costs and additional M&A-related fees, added the company.
The group’s total assets as of December 31, 2021, reached AED6.4 billion ($1.74 million) following the consolidation of new assets into the business.
This was up from AED3.1 billion ($844 million) as recorded for the previous year.
Total shareholders’ equity stood at AED2.8 billion ($762 million) for the period, increasing from AED1.9 billion ($517 million) in 2020.
In line with the semi-annual policy, Agthia’s Board of Directors has recommended an 8.25 percent cash dividend for the second half of 2021, equivalent to AED0.0825 ($0.022) per share.
Once this is approved by shareholders, total dividends distributed for the year will amount to AED130.6 million ($35.56 million), an increase from AED118.8 million ($32.35 million) in 2020.
Alan Smith, CEO of Agthia Group, said, “In 2021, our primary focus was the consolidation of our CBD, which almost doubled versus the previous year, due to our targeted approach towards strategic acquisitions.”
He added: “Our M&A activity throughout 2021 showcases our ongoing commitment to evolving the business into growth accretive consumer goods categories with the acquisition and consolidation of four new entities across the Protein and Snacking segments, contributing a healthy AED1.07 billion ($291.35 million) to sales.”