Agthia Group CEO Tariq Ahmed Al-Wahidi said that the Group's total assets increased at the end of the first half of 2019 to AED 3.1 billion, a growth of 5.6% compared to the end of 2018.
Agthia has assets in the UAE, Saudi Arabia, Kuwait, Oman, Egypt and Turkey, and has more than 4,000 employees.
Following the announcement of the Group's financial results during the first half of 2019, Al Wahidi revealed that the group plans to open new plants in Saudi Arabia, Egypt and Iraq to support its production lines there, as well as implement new acquisitions.
He pointed out that the first half of this year, has seen the group's exports to the European continent, Russia, the United States and Africa, starting from its factories in Saudi Arabia and Egypt in particular, also opened the first sales office in China, and is currently studying the markets of East Africa to determine the export potential, pointing out that The group currently exports to 37 markets.
Al-Wahidi confirmed that Agthia is considering monthly between three and four acquisitions in local, regional and international markets and has allocated a portfolio of AED 2 billion to implement acquisitions this year.
According to the financial results, the Group achieved a net profit of AED 84 million in the first half of 2019, while revenues of AED 1.06 billion, an increase of 5.4% compared to the same period in 2018.
Al Wahidi stressed that the company has succeeded, thanks to its ability to adapt to unfavorable market conditions and focus on cost optimization, to reduce the different repercussions on profits, as a result of the lifting of subsidies on flour in the bakery sector, high costs of raw materials, and lower average price of bottled water , As a result of quotations due to intense market competition.
He said that the company has been implementing a strategy for two years, focusing on strengthening its presence in the UAE, by maintaining the brand name and market share, in parallel with supporting its presence in the Gulf, Arab and international.
He pointed out that «Agthia» maintains a market share is the first in the UAE market with water by 30%, and flour by 35%, and feed by 46%.
He stressed that the group is implementing several initiatives to reduce operational costs, stressing that these initiatives are not aimed at reducing labor, but to reduce manual labor, and focus on the use of skilled labor with high productivity and the use of new technologies.
Agthia Group Chairman, Zafer Ayedh Al Ahbabi, said Agthia has proven its financial resilience, despite market challenges, and has continued to grow revenue and protect profits.