Agthia Group, an Abu Dhabi-based food and beverage firm, reported a 19 per cent drop in its full-year 2017 net profit, missing analysts' forecast, as lower contributions from flour and animal feed business affected profitability.
The company, which is 51 per cent owned by Abu Dhabi government-controlled conglomerate Senaat, said net profit in 2017 slumped to Dh206 million, down from Dh254.3m a year earlier. It missed the Dh212.8m mean estimate of analysts polled by Bloomberg.
Group revenues advanced to Dh2.05 billion in 2017 from Dh2.01bn, but came slightly under the analysts' estimates of Dh2.07bn.
Agthia, which had posted a 15 per cent year-on-year drop in its third-quarter net profit, has struggled to maintain profit growth in recent quarters after the UAE reformed subsidies for flour and animal feed sectors.
Despite the external economic challenges, the company said it has managed to grow revenue and "mitigate the impact on profit of significantly reduced subsides and increased operating costs". Lower income from animal feed and flour business was offset by cost savings and increased contributions from the consumer business.
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Agthia's Q3 net profit plunges 15% on subsidy reform for flour and animal feed
Agthia second quarter profit hit by subsidy reform to flour, animal feed
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Revenue from water and beverages, which includes Al Ain water and Capri-Sun brands, rose 25 per cent from 2016, with Delta Water in Saudi Arabia contributing about Dh143m alone last year. The flour and agriculture business revenues declined by 13 per cent in 2017 as both segments are adjusting to new market norms, it said.
“Proliferation of imported flour at very cheap prices was an impactful aftereffect of subsidy regime changes whereas the animal feed business was additionally undermined by the cancellation of the concentrated pellet tender this year,” the company noted.
Agthia's assets climbed to Dh2.4bn at the end of 2017, a 15 per cent increase from a year earlier. New ventures in Saudi Arabia and Kuwait drove the asset growth, it said.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Emergency
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Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
2025 Fifa Club World Cup groups
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.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
