Abu Dhabi-based food and beverage company Agthia said second-quarter net profit surged almost 96 per cent on an annual basis on higher revenue.
Agthia's net profit attributable to shareholders rose to nearly Dh36 million ($9.8m) in the three months to the end of June, from Dh18.3m in the same quarter in the previous year period, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s quarterly revenue reached Dh942.48m.
For the first half of 2022, Agthia reported a net profit of Dh118.1m, up 73.8 per cent from the same period last year.
Company’s first-half revenue grew to Dh2 billion ($544m), building on exceptional first-quarter growth and continuing consolidation of strategic acquisitions, the company said in a statement.
Despite the challenging global inflationary environment, Agthia's performance reflects the effects of the group’s recent acquisitions, as well as its cost optimisation efforts as part of its five-year growth strategy, it said.
“Agthia’s first-half results demonstrate the increasing benefits of our growth strategy to strengthen our F&B leadership in the Middle East and beyond," said Khalifa Al Suwaidi, chairman of Agthia Group.
“The acquisitions we have completed over the past year have not only delivered strong top-line growth but also contributed to enhanced profitability, as we integrate the businesses into the group and leverage synergies effectively.”
The company made five acquisitions throughout the past year — Al Foah, Al Faysal Bakery and Sweets, Nabil Foods, Atyab and BMB Group, which reflected on the group’s performance.
“We have made significant progress in H1 2022. In the first quarter, our focus was on the consolidation of acquired entities, and in the second quarter, we turned our attention towards accelerating synergy extraction and group integration," said Alan Smith, chief executive of Agthia Group.
Agthia recently announced a Dh90m investment in a manufacturing plant in Saudi Arabia to drive growth for its protein vertical and in response to strong demand from local customers.
Also, in July 2022, the company's board approved the acquisition of a strategic 60 per cent stake in Egypt-based Auf group, a specialised healthy snacks and coffee manufacturer and retailer.
“Recent milestones, including board approvals for expansion of our protein business in Saudi Arabia and the acquisition of Egypt-based Auf group will further support the realisation of our five-year strategy as we capitalise on our strengthening momentum in market,” said Mr Smith.
Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on an acquisition spree in an effort to become the biggest F&B company in the region by 2025.
The company's total assets reached Dh6.3bn as of June 30, while total shareholders’ equity for the period stood at Dh2.8bn.
In line with Agthia’s semi-annual dividend distribution policy, the company will distribute a cash dividend equivalent to 8.25 fils per share for the first half of 2022, subject to shareholder and regulatory approvals, the statement said.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
More from Rashmee Roshan Lall
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MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
