Innovation and sustainability continue to be at the forefront of the Group’s growth strategy
Agthia Group recently announced its Q1-2021 financial results for the period ending 31 March 2021.
The Group’s consumer-business recorded AED 430.5 million in revenues. The net revenue of the food segment, which includes tomato paste & frozen vegetables, bakery, dairy and trading items, increased by 23.5% on continued at-home consumption trend for tomato paste and frozen vegetables in both the UAE and Egypt and the inclusion of Al Faysal Bakery & Sweets post consolidation. Furthermore, Al Foah contributed AED 137 million to the top-line during the 3-month period.
The water & beverage category revenues came in at AED 192 million, with the 5-gallon home and office distribution business growing its top-line by 4% year-on-year.
Within Agthia’s agri-business, revenues reached AED 235 million, lagging the sales of 2020 which was driven by a one-time World Food Programme order.
“We continue the group’s pursuit to becoming an F&B leader in our region and beyond as part of our recently announced 2025 strategic plan,” commented Khalifa Sultan Al Suwaidi, Chairman, Agthia Group.
“We remain optimistic but cautious, in light of the seasonality in some of our businesses, reduced tourism in the region, and continued lockdowns in some of our key markets,” remarked Alan Smith, Chief Executive Officer, Agthia Group.
This year, in addition to the consolidation of Al Foah dates business in the UAE and Al Faysal Bakery & Sweets in Kuwait, Agthia also announced the acquisitions of Nabil Foods in Jordan and Ismailia Investments (Atyab) in Egypt, which remain subject to obtaining other regulatory approvals, positioning the Group at the forefront of the fast-growing chilled protein industry.
