Abu Dhabi-based f&b major Agthia Group reported a 14 percent increase in its net profit in 2022 to AED247 million on year-on-year (YoY) basis.
The group’s net revenue in the year also increased 33 percent YoY to AED4.07 billion.
The company said revenue growth from its snacking and protein segments increased by more than 70 percent YoY, while it also saw a high single-digit growth in its agri-business last year.
Net operating income grew faster than revenue, up 39 percent YoY to AED351 million, with greater scale and diversification across the business supporting product and channel optimisation and further cost and production efficiencies.
Agthia Group’s total assets stood at AED6.8 billion by end-2022, with total shareholders’ equity of AED2.8 billion.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said the company’s strong performance this past year, in a challenging external environment, clearly demonstrated the management’s ability to acquire and consolidate value accretive businesses, while leveraging synergies and maintaining a profitable core.
“I am confident that Agthia will continue to deliver value for all stakeholders in both the near and longer-term as it executes its strategy,” he said.
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