Agthia, the regional food company, is in the process of restructuring its Egyptian business after disappointing crop production and unrest last year cut sales and profits.
"We felt the impact...due to domestic and regional unrest, lower than expected raw tomato and chilli harvest coupled with some operational and organisational issues," the Abu Dhabi-listed firm said in a filing to the capital's bourse yesterday.
"We are currently in the midst of restructuring and streamlining the operation and developing a plan at turning around the business in the short to mid-term."
Agthia set up a manufacturing facility for tomato and chilli concentrate in 2009, when it made its first entry into the Egyptian food market. The tomatoes are sourced from farms located about 75km north-west of Cairo, near the company's main office.
Profits from across the group surged 54 per cent in the third quarter after the company successfully managed to cut costs.
Net income rose to Dh92 million (US$25m) in the quarter. Agthia did not provide figures for last year.
Profit growth was driven by higher margins "resulting particularly from competitive procurement in grains, cost-saving initiatives, production capacity increases of flour and feed mills, displacing outsourcing and price increases", said Agthia.
Agthia is an important player in Abu Dhabi's food security strategy and is 51 per cent owned by the Government through the conglomerate Senaat.
It is split into three divisions: consumer, agriculture and Egypt.
The consumer business includes the production and distribution of Al Ain bottled water, frozen vegetable products, Isklar water, Chiquita juices and Yoplait dairy products.
Yoplait claims to be the second-largest brand in terms of sales in the fresh dairy product category worldwide and the biggest in the United States and Australia.
Agthia said it incurred losses of Dh21m in its consumer food segment, "mainly dairy and Egypt".
The company said it remained "optimistic" and expected another year of good business performance.
"Although the commodity market volatility and regional unrest are certainly challenging, we are progressing on our long-term strategy."
halsayegh@thenational.ae
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
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Coming soon
Torno Subito by Massimo Bottura
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Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
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The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
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Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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