Agthia Group, an Abu Dhabi food and beverage company,on Wednesdayannounced sales of AED854m ($232.5m) for 2008, a rise of 48 percent from a year earlier.
Net profit for the full year rose by 89 percent from the previous year to AED72.2m, driven mainly by increased volumes, higher plant capacity utilisation, cost savings and improved pricing structures, the part state-owned company, said in a statement.
It said added sales from Al Ain Vegetable & Tomato Paste, a frozen food company it acquired in January 2008, were another reason for its strong performance.
The company’s flour and feed business division achieved sales of AED672.6m in 2008, a 40 percent increase over the same period last year, while total sales for its water and beverage division reached AED138.6m, growth of 40 percent from 2007.
Al Ain Vegetable & Tomato Paste achieved sales of AED43m following the acquisition.
Commercial production was expected to commence in the second quarter of 2009 at its Greenfield production facility in Egypt, it said.
The facility will be a sourcing point for tomato paste for its factory in Al Ain, with the majority of its production exported in bulk to the international market.
Established in 2004, 51 percent of the company’s chares are held by General Holding Corporation, an Abu Dhabi government entity.
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