GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

•         With the addition of Al Foah and Al Faysal Bakery & Sweets under the consumer business division, total revenues reached AED 665.5 million in the first quarter of 2021.
•         Innovation & sustainability continue to be at the forefront of the Group's growth strategy.

 
Abu Dhabi, UAE, May 4, 2021 - Agthia Group PJSC, a leading regional food and beverages company, today announced its Q1 2021 financial results for the period ending 31st March 2021. The Group recorded Earnings per Share of AED0.069 per share and total revenues of AED 665.5 million, representing 57% and 17% year-on-year growth, respectively, compared to the same period in 2020.


The Group's consumer-business recorded AED 430.5 million in revenues. The net revenue of the food segment, which includes tomato paste & frozen vegetables, bakery, dairy and trading items, increased by 23.5% on continued at-home consumption trend for tomato paste and frozen vegetables in both the UAE and Egypt and the inclusion of Al Faysal Bakery & Sweets post consolidation. Furthermore, Al Foah contributed AED 137 million to the top-line during the 3-month period.


The water & beverage category revenues came in at AED 192 million, with the 5-gallon home and office distribution business growing its top-line by 4% year-on-year, on favourable sales mix and expanded market share. Meanwhile, the Group's bottled water portfolio sustained its market leadership in both volume and value share at 29% and 26% respectively.


Within Agthia's agri-business, revenues reached AED 235 million, lagging the sales of 2020 which was driven by a one-time World Food Program order.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “We entered 2021 adapting to the new norms shaped by the traces of an unprecedented year. However, with the company's strong fundamentals, we were able to leverage the opportunities we had to deliver exceptional results for the first quarter of this year. Motivated by this success, we take to the future with great confidence, and are strengthening our protein and Egypt business with a new strategic acquisition in Ismailia Investments (Atyab). This is in continuation of the group's pursuit to becoming an F&B leader in our region and beyond as part of our recently announced 2025 strategic plan.”


Alan Smith, Chief Executive Officer of Agthia Group, said: “Our results for the first quarter of this year are a testament to the Group's overall resilience in rising to the challenges of these difficult times. Our agile reaction and robust performance enabled us to achieve an exceptional expansion in our consumer segment, led by positive contributions from Al Foah and Al Faysal Bakery & Sweets. All indications are pointing towards improving overall business conditions for the rest of the year. We remain optimistic but cautious, in light of the seasonality in some of our businesses, reduced tourism in the region, and continued lockdowns in some of our key markets.”


This year, in addition to the consolidation of Al Foah dates business in the UAE and Al Faysal Bakery & Sweets in Kuwait, Agthia also announced the acquisitions of Nabil Foods in Jordan and Ismailia Investments (Atyab) in Egypt, which remain subject to obtaining other regulatory approvals, positioning the Group at the forefront of the fast-growing chilled protein industry.


Agthia also published its first standalone Sustainability Report for 2020 to showcase its commitment to monitoring and reporting the Group's environmental, social and governance performance. Looking ahead, the Group emphasised it will continue to enhance its sustainability practices through several initiatives, including its current PET bottle collection and recycling program in partnership with Veolia, a global leader in optimised resource management, which has enlisted the support of more than 1,000 users and collected more than 2 tons of recyclables. Its recent triumph at the Gulfood Innovation Awards, winning the “Most Impactful Sustainable Product” for the Al Ain plant-based bottle, underscores its commitment to innovation and sustainability.


The announcement of Agthia's Q1 2021 results follows the conclusion of the company's 16th Annual General Meeting held virtually on April 8, where shareholders approved a cash dividend of 16.5%, implying a 10% year-on-year increase and equivalent to a total of AED 118.8 million for the year 2020.

 



Posted by : GoDubai Editorial Team
Viewed 4157 times
Posted on : Tuesday, May 4, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Full Digital Transformation is a Strategic Decision and Long-Term Investment Area for Sharjah, Emir...
Next Story : Emirati Medical Innovator Joins Esteemed Judging Panel for James Dyson Awards 2021
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Olay Skin Experts Debut New Body Wash in the UAE!
Maintain Summer-Long Gorgeous Hair with these Essential Treatments from Sukin
Love Your Skin
King C. Gillette is here to Revolutionize the Male Grooming Experience
My First GROHE: Keep it Simple with GROHE Baulines for the Kitchen
Ojar Launches Its Eau De Parfum Sillage Boosters
Ogilvy PR Names Matt Buchanan as Global Head of Consumer PR
The Famous Taste of ALBAIK is Coming to Dubai with the Launch of the First Branc...
Versus Los Feliz
Compose Your Own Unique Scent Using Ojar's Sillage Boosters
Thought Series – the Good Life
Malabar Gold & Diamonds redomiciles to Dubai International Financial Centre (DIF...
SEHA Prioritizes Women's Health With Revamped State-of-the-art Clinics
Cebu Pacific Celebrates Philippine Independence Day with Special AED1 Seat Sale ...
360° Virtual and Hybrid Events Steal the Show
5 Lovely Summer Outfit Ideas for 2021
Over 200 students at GEMS Wellington Academy – Silicon Oasis ‘Step in Time' with...
Malak Al Tawouk UAE Receives HACCP Certification for Food Safety
Hamdan bin Zayed Launches the Largest Coral Reef Rehabilitation Project in the Region
Gift Your Dad Three Coffee This Fathers Day
Reveal Your Brightest Skin this Summer with Herbal Essentials
Dugong and Seagrass Toolkit Selected Among Top 25 UAE Government Innovations
Yahsat and Airbus Complete Preliminary Design Review of Next Generation Satellit...
Father's Day Favorites: Moroccan Neroli Shaving Serum & Post Shave Lotion
Pogačar Returns at Tour of Slovenia
Hotpack Launches 'Eco Store' Online Retail Destination for Green Food Packaging ...
UAE's Female Entrepreneurial Talents can apply to Badiri's Hands-On Training Pr...
Land Rover Defender Supports the World's Toughest Adventure Race
Own a Brand-New Renault from Arabian Automobiles from only AED 555 per month
Dubai Holding and Dubai Health Authority successfully conclude ‘The Perfect Gif...
Dubai Sports Council Organises Workshop for Dubai Club Administrators and Supervisors
Business Aviation at Dubai Airshow 2021: A Thriving Industry Despite the Challenges
A Major Kidney Operation without Much of a Scar – A Patient's Success Story at...
HE Dr. Ahmad Belhoul Al Falasi Explores Sharjah's Dynamic Startup Ecosystem as a...
Abu Dhabi World Professional Jiu-jitsu Championship (Adwpjjc) Returns in Novembe...
Tanishq Reiterates Promises and Commitment to Regional Customers
Emirates Literature Foundation Search Is on for Young Writers
Ulissi Takes Emotional Victory in Slovenia
First Aid - Wounds and Burns Workshop Hosted by Flamigel®
Jaguar Land Rover to Develop Hydrogen-Powered Defender Fuel Cell Prototype
MoHAP Continues to provide Inspection of Private Medical and Pharmaceutical Faci...
SEHA Advances Medical Education, Training, and Development With UAE's First ASHP...
Hamdan Bin Mohamed Bin Zayed Inaugurates Largest Fitness Centre in Abu Dhabi
Kia Takes Six Prizes at the 2021 Russian Car of the Year Awards
Ariel PODS Launches Mind, Pody & Soul at Alserkal Avenue in Dubai
Mahzooz makes its 10th millionaire of 2021
MBRU Launches First Doctorate Program in Dubai to Drive Support of Biomedical Sc...
International Medical Center Announces the Project Kick-off of its Unified Elect...
Porsche goes the Extreme to Kick off Launch for new Taycan Cross Turismo
MRO Middle East Demonstrates Positive Outlook for Aviation Sector Recovery in th...