By Sarah Gain
Abu Dhabi-based food and beverage group Agthia has reported substantial growth in the first half of 2008.
Agthia Group, an Abu Dhabi-based food and beverages group, has reported a growth in sales during the first half of 2008.
The group’s sales grew to AED 385 million (US $105 million) from AED 267 million ($73 million) in the first six months of this year, representing a growth of 44% over the same period last year.
Q2 sales alone reached AED 199 million ($54 million), for a 47% increase versus 2007. Earnings per share improved to AED 0.126 ($0.034), reflecting a 97% growth versus 2007 year end.
Commenting on the results, His Excellency Rashid Mubarak Al Hajeri, chairman of Agthia, said the company was pleased with the strong results, “especially given the current challenging environment in the global food and beverage industry”.
“The results, both financially and operationally, are testament to the management team’s development and successful implementation of the company’s financial and strategic turnaround initiatives,” he added.
The second quarter performance built on the momentum gained over the past few quarters across the business according to Agthia’s chief executive officer, Ilias Assimakopoulos.
“We have seen solid growth in sales across segments, alongside improvements in margins that have resulted from a number of decisions that management has taken,” he explained.
“The results for shareholders speak for themselves, and underline our commitment to profitably grow the business ahead of the industry average.
“Ultimately, we aim to become the best food and beverage company of the UAE from a financial, operational and brand perspective.”For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.