Agthia Group achieves record turnover in the first quarter of 2022
ABU DHABI: Agthia Group PJSC, one of the region’s leading agribusiness companies, today announced that its quarterly net revenue exceeded AED 1 billion in the first quarter of 2022 for the first time since its inception. The quarter, which ended March 31, 2022, saw a 58% year-over-year improvement in net revenue compared to the same period in 2021.
The Group’s net profit attributable to shareholders was AED82 million for the quarter, an increase of 64% compared to the first quarter of 2021. The previous quarter was the first when the performance of the five acquisitions completed throughout 2021 – Al Foah, Al Faysal Bakery & Sweets, Nabil Foods, Atyab and BMB Group – has been consolidated and reflected in the Group’s financial statements.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Agthia’s first quarter 2022 results are a testament to the hard work throughout the previous year to acquire and consolidate value-added brands that complement our portfolio of companies. existing. the year demonstrates that we are now well placed to begin reaping the fruits of our labor after a year of measured discipline and rigorous application of our strategy to capture growth. This achievement is just the beginning of our mission to build a more holistic, efficient, and integrated business model after successfully completing the first year of our five-year strategy.”
Al Suwaidi added, “We look to the future with renewed vigor as we continue to accelerate our transformation journey and drive shareholder and stakeholder growth. Our industry-leading cost optimization initiatives and unparalleled ability to improve productivity and integrate new businesses have had a tangible positive impact on the Group as we continue our transformation journey.”
Alan Smith, Managing Director of Agthia Group, said: “In the first quarter of 2022, our attention was primarily focused on the seamless integration of the entities acquired in 2021. Despite continued fluid market conditions and a global inflationary environment difficult, We are determined to continue Agthia’s transformation journey. Our first quarter results demonstrate our belief in M&A activity over the past year through the generation of healthy top-tier revenue growth across all of our verticals. We see significant headroom for continued growth as we continue to pursue full integration as a top priority in 2022 and remain firmly on track to meet our five-year strategic roadmap. »
From a financial point of view, Agthia’s consumer division achieved a substantial growth of 83% compared to the previous year, now representing 75% of the group’s total sales.
The Protein and Frozen foods segment contributed AED294 million, thanks to the consolidation of Nabil Foods and Atyab. Both businesses posted higher sales growth than the same period last year, with Nabil Foods benefiting from a strong recovery in the food service channel and Atyab seeing increased demand in its deli meats and chicken categories.
Snacking added AED255 million to revenue, driven by the inclusion of BMB Group in the first quarter and higher year-on-year revenue from Al Foah and Al Faysal Bakery & Sweets .
Water and beverages, along with other food items, recorded revenues of AED238 million. The UAE bottled water segment continued to show resilience while maintaining market leadership throughout the quarter, growing 28.6% by volume and 28.5% by volume, respectively. value for the retail channel.
Agribusiness Division revenue for the quarter was AED266 million, an increase of 13% compared to 2021. Continued inflation in global grain prices and transport costs continues to drive down be addressed through improved operational efficiency and price adjustments.
The group’s total assets reached AED 6.6 billion as of March 31, 2022, while total equity for the period stood at AED 2.8 billion.
On April 7, 2022, in line with Agthia’s semi-annual policy, the Board of Directors approved a cash dividend equivalent to AED 0.0825 per share for the second half of 2021, the total dividends distributed for the year are amounting to AED 130.6 million, an increase of AED 118.8 million in 2020.