Strong and profitable growth continues during Q3-2023
Agthia Group, one of the region’s leading food and beverage companies, recently announced its results for the nine months ending 30 September 2023, according to a press communique.
Agthia’s strong performance in the first half continued into the third quarter, with profitable growth across the Snacking, Water & Food and Agribusiness segments, combined with leveraging group-wide efficiencies, resulting in both EBITDA and net profit growing faster than revenue.
Group net revenue increased 10.9% year-on-year to AED 3.27bn.
Positive growth volume
Agthia’s Water & Food segment saw positive volume growth in the UAE and internationally, with notable performances from Saudi, Kuwait, and Turkey. Al Ain bottled water retained its market leading position in the UAE.
“Agthia’s third quarter results demonstrate continued progress against strategic objectives, namely protecting the core business, reaping the rewards of recent value-accretive M&A, and investing in capability and innovation to deliver on its vision to become a leading food and beverage company in the MENA region and beyond,” remarked Khalifa Sultan Al Suwaidi, Chairman, Agthia Group.
“Another strong and profitable outturn this quarter, accompanied by continued investment in capability to future proof growth, is testament not only to Agthia’s strategy of acquiring, integrating, and growing attractive businesses in value-add categories, but also to the efforts of each of its valued colleagues across the Group,” commented Alan Smith, CEO, Agthia.
