Abu Dhabi [UAE],February 1: Agthia Group PJSC today announced preliminary and unaudited results for the fiscal year ending 31st December, 2022, reporting a rise of 14 percent year-on-year (YoY) in net profit to AED 247 million.
According to its report, the Group's net revenue increased 33 percent YoY to AED 4.07 billion, with growth of 97 percent on a two-year basis. Revenue growth from our Snacking and Protein segments increased by more than 70 percent YoY, with high single-digit growth in our agri-business and continued market leadership in UAE bottled water.
Net operating income grew faster than revenue, up 39 percent YoY to AED 351 million, with greater scale and diversification across the business supporting product and channel optimization and further cost and production efficiencies.
Agthia Group's total assets stood at AED 6.8 billion by end-2022, with total shareholders' equity of AED 2.8 billion.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said, "Agthia's strong performance this past year, in a challenging external environment, clearly demonstrates management's ability to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core. I am confident that Agthia will continue to deliver value for all stakeholders in both the near and longer-term as it executes its strategy."
Alan Smith, Chief Executive Officer of Agthia Group, said, "The strong revenue and profit growth over the past year, across both recently acquired and legacy businesses, is a testament to the tireless efforts and agility of all our colleagues across the Group. Our strategy to acquire, integrate and grow attractive businesses in value-add categories continues to bear fruit, and two years into our transformative journey to a leading food and beverage company in the MENAP region and beyond, we are far bigger, more efficient and have greater capabilities than ever before."
Source: Emirates News Agency
