32% growth in net profits "Foods" During the first quarter of 2024
ABU DHABI, 15 MAY / WAM / Agthia Group, listed on the Abu Dhabi Securities Market, announced a strong performance during the first quarter of 2024, as net revenues increased year-on-year by 22.6% to 1.45 billion dirhams, with strong performance in all sectors, Despite the challenges of global macroeconomic conditions.
The group said in a statement today that its net profits increased by 32% on an annual basis to reach 127.6 million dirhams during the first quarter of this year, and the group’s net profit margin expanded by 63 basis points to reach 8.8%.
Khalifa Sultan Al Suwaidi, Chairman of the Board of Directors of Agthia Group, said: “The outstanding performance achieved by Agthia Group during the first quarter enhances our growth process and confirms the firm dedication of our leadership to achieving sustainable growth across all divisions. As we seek to achieve our strategic vision of establishing Agthia Group as a leading food and beverage company in the Middle East and North Africa region and beyond, we remain committed to delivering profitable growth through investment in capabilities and innovation.”
For his part, Alan Smith, CEO of Agthia Group, said: “Based on the exceptional results achieved last year, Agthia Group continues to advance strongly in the new quarter. Our revenue growth continues to exceed guidance ranges, reflecting the successful execution of our business strategies. Furthermore, our improved profitability is a testament to our unwavering focus on operational efficiency, even in light of ongoing global economic challenges.
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