The group records a net profit of 216 million dirhams in 2021
Agthia's revenues rise 49% to 3 billion dirhams
Agthia Group, specialized in the field of food and beverages, announced its preliminary unaudited results for the fiscal year ending on December 31, 2021.
The group stated in a statement that it recorded a net profit of 216 million dirhams, at a time when its net revenues exceeded three billion dirhams, an increase of 49% over the previous year.
According to the group, revenue growth was driven by strong growth rates in the “chilled and frozen meat” and “snack food” sectors, as a result of a series of strategic acquisitions.
Consumer Business
In turn, the consumer business division's contribution to Agthia's revenue nearly doubled compared to last year.
This is mainly due to the positive momentum as a result of the new acquisitions of a number of companies in the sector, within the framework of the group's strategy to stimulate growth and diversify sources of revenue.
As a result, the “chilled and frozen meat” and “snacks” sectors contributed by adding 1.07 billion dirhams to the group’s revenues in 2021, pointing out that the impact of the results of the “Al-Nabil Food Industries” companies was for a period of nine months, and “Atyab” for only five months. After merging the businesses of the two companies.
Water and drinks
Revenues from the Water and Beverage division also recorded a remarkable improvement in the second half of 2021, as a result of the increased demand for the hotel and restaurant sectors.
The group's bottled water group (Al Ain, Al Bayan, Foss, and Alpin) maintained its position in the market with 26% in terms of volume and 23% in terms of value.
agricultural business
Revenue from the group's agribusiness division also maintained the same levels as the previous year, which included a one-time purchase order by the World Food Program in the first quarter of 2020.
The group noted that global inflation, rising grain prices and freight costs, continued to affect the division's profitability, which was addressed through operational efficiencies and price adjustments.
strong pillars
The Chairman of the Board of Directors of Agthia Group, Khalifa Sultan Al Suwaidi, said that Agthia continued its growth path in 2021;
It relied on its strong core pillars to enhance its operational efficiency and business resilience, and to move towards achieving its strategic priorities for 2025.
He added, "The group continues to focus on achieving strong growth, maintaining value for shareholders, and achieving its goal of becoming the leading food and beverage company in the MENAP region and beyond."
For his part, Agthia Group CEO Alan Smith said: “Our revenues improved significantly in 2021 following strategic acquisitions in the chilled and frozen meat and snacks segments.
This confirms Agthia’s ability to adapt to market conditions by identifying promising opportunities to support and diversify investments within our brand.”
asset value
Until December 31, 2021, the total value of Agthia Group's assets amounted to 6.4 billion dirhams, recording a significant increase as a result of the combination of assets and the merging of the financial statements of Al Foah Dates Company, Al Faisal Bakery and Sweets, Al Nabil Food Industries, and Atyab, and BMB Group.
The total equity of the group amounted to 2.8 billion dirhams, after issuing an additional 191.6 million shares to complete the acquisitions of “Al Foah” and “Al Nabil Food Industries”.
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