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Wed 7 Aug 2019 02:47 PM

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UAE food giant sees profits slide amid 'challenging' markets

Agthia Group has reported a fall in net profit to AED84m on revenues of AED1.06bn for the first six months of 2019

UAE food giant sees profits slide amid 'challenging' markets

UAE-based food giant Agthia Group has reported a fall in net profit to AED84 million on revenues of AED1.06 billion for the first six months of 2019.

Revenues rose by 5.4 percent but net profit dropped from AED109 million in the same period last year amid "adverse market conditions", the company said in a statement.

Dhafer Ayed Al Ahbabi, chairman of Agthia Group, said: “Agthia displayed financial resilience amid a challenging market environment by defending market leadership, delivering top-line growth and protecting profits.

"Looking ahead, we continue to focus on differentiation, diversification and innovation to deliver the best value and quality to all our stakeholders.”

Tariq Ahmed Al Wahedi, CEO of Agthia Group, added: “Our expansion strategy, coupled with our continually diversifying portfolio, have enabled the Group to grow revenues in the first six months of the year.

"We have continued to lead the UAE market with our water portfolio driven by our signature water brand Al Ain... Our global assets and businesses also performed exceptionally well, led by Kuwait and Saudi Arabia, where we are steadily growing our market share.”

Agthia Group said its total assets stood at AED3.1 billion as of the end of June, equivalent to 5.6 percent growth versus last year.

Agthia’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt and Turkey, employing more than 4,000 people.

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