UAE: Agthia Group reports 32 pc net profit growth in Q1-24

Abu Dhabi [UAE], May 16 (ANI/WAM): Agthia Group PJSC ("Agthia" or "the Group"), today said that its net profit grew 32 per cent year-on-year to AED127.6 million. The Group net profit margin expanded by 63bps to stand at 8.8 per cent, notwithstanding FX headwinds and the introduction of income tax in the UAE.
This came as the Group announced today its results for the three-month period ending 31 March 2024.
In a statement, Agthia said the Group delivered strong performance during Q1 2024, on track to meet its full-year 2024 guidance. The Group's profitable growth across the Snacking, Water & Food, and Agri-Business segments, combined with leveraging group-wide efficiencies, resulted in both Group EBITDA and Group net profit growing faster than revenue.
The Group net revenue increased 22.6 per cent year-on-year to AED1.45 billion (5% growth from volume and 5.1 per cent from pricing), with strong performance across all segments, despite challenging global macroeconomic conditions. The Group revenue, adjusted for the impact of currency devaluation in Egypt (AED -42.5 million), increased by 26.2 per cent year-on-year. Q1 2024 revenue was positively impacted by AED 120 million in one-off commodity trading sales in the Agri-Business. Excluding this one-off, Group net revenue increased by 12.4 per cent year-on-year.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: "Agthia's remarkable performance in the first quarter reinforces our growth story, and underscores the unwavering dedication of our leadership to deliver sustainable growth across all business lines. As we pursue our strategic vision of establishing Agthia as a premier food and beverage company in the MENA region and beyond, we remain committed to delivering profitable growth through investments in capabilities and innovation. With this momentum, I am confident about our continued progress in the forthcoming quarters."
Alan Smith, Group Chief Executive Officer of Agthia Group, commented: "Building upon the exceptional results achieved last year, Agthia continues to soar into the new quarter with resolute strength. Our revenue growth continues to outpace guidance, reflecting the successful execution of our business strategies. Furthermore, our enhanced profitability serves as a testament to our unwavering focus on operational efficiency, even amidst persistent global economic challenges. These outcomes underscore the resilience and dedication of our team, instilling confidence that Agthia is strongly positioned to maintain its trajectory of sustained growth and value creation for shareholders."
Group net revenue increased 22.6 per cent year-on-year to AED 1.45 billion (5% growth from volume and 5.1 per cent from pricing), with strong performance across all segments, despite challenging global macroeconomic conditions. Group revenue, adjusted for the impact of currency devaluation in Egypt (AED -42.5 million), increased by 26.2 per cent year-on-year. Q1 2024 revenue was positively impacted by AED 120 million in one-off commodity trading sales in the Agri-Business. Excluding this one-off, Group net revenue increased by 12.4 per cent year-on-year. (ANI/WAM)