Agthia Group, one of the Gulf’s biggest food and beverages companies, on Thursday posted AED216 million in net profit, as well as net revenues of over AED3 billion.
Agthia said in a statement that it grew its revenues by 49 percent year-on-year following strong growth in the protein and snacking segments through a series of acquisitions.
The consumer business contribution to Agthia’s top-line also almost doubled versus last year, driven primarily by the positive momentum generated by the newly acquired entities in the segment, as part of the group’s strategy to drive growth and diversify revenue streams.
As a result, protein and snacking contributed AED1.07 billion to the top-line for the full year, with Nabil Foods and Atyab contributing only nine months and five months of revenues respectively since acquisition.
Water and beverage revenues saw promising improvements in the second half of 2021 as hotels and restaurants began to increase footfall in earnest, Agthia added.
Its agri-business division revenues were flat versus last year as global inflation in grain prices and freight costs continued to put pressure on margins.
Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said: “Achieving robust growth while preserving shareholder value remains vital for the business as we continue on our journey to becoming the leading F&B company in the MENAP region and beyond.”
Alan Smith, CEO of Agthia Group, added: “Revenues in 2021 improved markedly following key strategic acquisitions in the protein and snacking segments. This is indicative of Agthia’s ability to adapt to the fluidity of the market by identifying compelling opportunities to bolster and diversify our brand portfolio.
“In terms of integration, the newly added entities promote greater diversity of our portfolio to create a more dynamic and agile business model, with material enhancements to our protein and snacking segments.”
Agthia Group’s total assets stood at AED6.4 billion as of the end of 2021, increasing significantly following the integration and financial consolidation of Al Foah, Al Faysal Bakery, Nabil Foods, Atyab and BMB Group.
Established in 2004, the company is listed on the Abu Dhabi Securities Exchange and is part of ADQ, one of the region’s largest holding companies.
The Company’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt, Turkey and Jordan.
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