Agthia, the Abu Dhabi food and beverage company that owns the Al Ain Water brand, said its first-half profit fell by about half in the first six months of the year, due to higher expenses.
Net profit for the six months through to June declined to Dh42.26 million, the company said in a statement to the Abu Dhabi Securities Exchange where its shares trade.
Selling and distribution expenses increased by 3 per cent to Dh187.3m while general and administrative expenses were up 31 per cent to Dh103.3m.
Revenue also grew by 2.5 per cent to Dh1.09 billion, according to the company.
“In the first half of 2020, Agthia Group demonstrated resilience and agility in dealing with the uncertainty imposed by the Covid-19 pandemic and its influence on the operational environment across our markets,” Aghtia chairman Khalifa Al Suwaidi said.
“Enforcement of ... movement restrictions caused business disruptions, logistics transformation and changed consumer demand patterns. In response, we reprioritised our resource allocation across our flexible supply chain to ensure business continuity and products availability at appropriate cost,” he said.
Net revenue contribution by the consumer business line that includes water, beverages, dairy, tomato paste, frozen vegetables, bakery and trading items reached 54 per cent.
Agri-businesses – flour and animal feed – generated the remaining 46 per cent, the company said.
In the UAE, Agthia’s five-gallon home and office distribution business grew by 8 per cent year on year on higher demand, particularly from the home segment.
Second-quarter net profit fell by 64 per cent to Dh15.6m as revenue declined by 6.5 per cent to Dh518.7m.
Selling and distribution expenses also slipped during the period while as general and administrative expenses increased.
Agthia appointed Alan Smith as chief executive earlier this month.
Mr Smith was previously with US confectionery multinational Mondelez International, where he spent more than 19 years in various roles, and was most recently managing director for the company's Middle East and Pakistan region.
The specs
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- Power: 640hp
- Torque: 760nm
- On sale: 2026
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ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
UAE currency: the story behind the money in your pockets
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
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