Agthia, an Abu Dhabi-based food and beverage company, reported a nearly 10 per cent surge in its 2023 fiscal net profit as strong growth in its snacking and water businesses drove revenue.
The company reported a group net profit of Dh299.6 million ($82 million) in the January-December period. Revenue during the period surged 12.1 per cent to Dh4.6 billion, the company said in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
“Agthia’s continued strong performance, despite a challenging economic environment, demonstrates the company’s ability to reap the rewards from its value-accretive merger and acquisition activities, leverage synergies across the group, prioritise innovation across its product portfolio and optimise its operations to maintain profitability,” said Khalifa Al Suwaidi, the company’s group chairman.
Agthia, owned by Abu Dhabi's state holding company ADQ, manufactures, distributes and markets a range of food and beverage products, including popular regional brands such as Al Ain Water and Al Foah dates.
The company is transforming its operations under a five-year growth strategy to become the region's top food and beverage company by 2025, aiming for an annual revenue of Dh6 billion.
The company’s snacking revenue grew 38 per cent year on year in 2023, led by date products, while its water and food division’s revenue surged 6 per cent on an annual basis.
Its total assets stood at Dh6.6 billion as of December 31, with total shareholders’ equity of Dh2.9 billion.
The Abu Dhabi-based company has also made several acquisitions in the past few years to expand its business, including buying Kuwait’s Al Faysal Bakery and Sweets, Jordan’s Nabil Foods, Egypt-based meat processor Ismailia Investments, better known as Atyab, and snacks maker BMB Group.
In July, it launched a $54 million corporate venture capital fund that aims to expand its innovation capabilities and create mutual value with the start-up community.
In December 2022, it bought a majority stake in Egyptian snacks and coffee producer Auf Group for an undisclosed amount.
“I am positive that Agthia can consistently deliver on its strategy of acquiring, integrating, and growing attractive businesses in value-add categories, as we continue to pursue our ambition to become a leading food and beverage company in the MENAP region and beyond,” Alan Smith, Agthia’s chief executive, said in a statement on Wednesday.
Mr Smith told The National last year: “We will keep developing the pipeline.
“We continue to look for the right opportunity at the right price, in the right market and in the right category.”
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
More coverage from the Future Forum
Killing of Qassem Suleimani
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
