A substantial rise in bottled water sales helped profits to flow for an Abu Dhabi food producer.
Agthia's bottled water business has grown about a fifth year-on-year, supporting a 54 per cent surge in net profits in the first nine months of this year.
The company, which owns the Al Ain Mineral Water brand, said expanded and improved distribution channels helped to drive the 20 per cent growth of the bottled water business. And there is room for more growth, according to the group's chief executive, Ilias Assimakopoulos.
"We believe that the water business still has quite a growth movement in the UAE, especially in the Northern Emirates, which is a key growth opportunity for us," said Mr Assimakopoulos.
Exports are 10 to 15 per cent of Agthia's bottled water business, he said, so the company does not expect to be greatly affected by a law banning the export of the UAE's groundwater, which is expected to come into effect late next year.
"The source of the water for us is clearly segregated, so we have the purified water and we have the well water. So we have the capability to identify the source of our water, trace it and virtually bypass the [rule]," he added.
The company has this year completed its acquisition of Pelit Su, a Turkish spring water company, which is in the midst of rebranding as Alpin.
"This facility and spring is located in the south-west part of Turkey, so obviously we are very pleased with the water source. There is a good original market we can compete," said Mr Assimakopoulos.
But not all Agthia's overseas operations are a cause for such celebration. The Egyptian business, which has struggled for the past couple of years is being "refocused", according to Mr Assimakopoulos.
The company plans to cut the number of its product offerings in the country to focus on tomato paste and chilli paste, which Agthia makes at a manufacturing facility it set up in Egypt in 2009.
"We would like to limit the offering in frozen veg and fruit to some very specific products where we can have scale and better numbers. Of the fruit purées as well we would like to limit our offering," said Mr Assimakopoulos.
gduncan@thenational.ae
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
MATCH INFO
Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')
Man of the match: Theo Walcott (Everton)
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
