Abu Dhabi-based food and beverage company Agthia said third-quarter net profit surged more than 14 per cent on an annual basis on higher revenue.
Agthia's net profit attributable to the owners of the company jumped to nearly Dh40.5 million ($11m) in the three months to the end of September, from around Dh35m in the year-earlier period, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s quarterly revenue jumped about 20 per cent to more than 953.5m.
For the nine months of 2022, Agthia reported a net profit of nearly Dh158.6m, up 53.5 per cent from the same period last year.
Company’s January-September period revenue grew 39.5 per cent on an annual basis to more than Dh2.9 billion, building on “successful consolidation and integration of recent acquisitions”, the company said.
Agthia’s strong third-quarter performance demonstrates its ability to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core, Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said.
“In conjunction with its clear strategic priorities, growing capabilities and strong executive team, I am confident that Agthia will continue to deliver value for all stakeholders in both the near and longer-term as it continues its transformative journey to a leading food and beverage company in the MENAP [Middle East, North Africa and Pakistan] region and beyond,” Mr Al Suwaidi said.
The company’s third-quarter earnings before interest, taxes, depreciation and amortisation increased 23 per cent year-on-year to Dh128m “notwithstanding significant upwards pressure on raw material costs in the period, a testament to both strong cost discipline and leveraging synergies across new verticals” Agthia said.
Its revenue from the protein and frozen food segment stood at Dh308m, up 39 per cent on a yearly basis. Whereas snacking revenue was Dh182m for the quarter, up 69 per cent.
Water and food revenue surged to Dh238m for the quarter, while the agri-business revenue reached Dh225m.
The group’s total assets were worth Dh6.6bn as of September 30, while total shareholders’ equity for the period stood at Dh2.8bn.
In line with Agthia’s semi-annual dividend distribution policy, a cash dividend equivalent to 8.25 fils per share for the first half of 2022 was disbursed post all subsequent approvals on October 1, the company said.
“Despite a challenging external backdrop, I am pleased to report another quarter of profitable growth, combining strong performance from recently acquired businesses and our enduring focus on efficiency generation,” Alan Smith, chief executive of Agthia Group, said.
Francesco Totti's bio
Born September 27, 1976
Position Attacking midifelder
Clubs played for (1) - Roma
Total seasons 24
First season 1992/93
Last season 2016/17
Appearances 786
Goals 307
Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
