Reported group net profit1 +9.9% YoY; margin at 6.6%
Agthia Group, one of the region’s leading regional food and beverage companies, recently announced its preliminary and unaudited results for the fiscal year ending 31 December 2023.
Group net revenue increased 12.1% year-on-year to AED 4.6bn during FY’23, supported by a continued shift in the Group’s product portfolio towards higher growth segments in key target markets. Snacking was the top-performing vertical, with 38.0% year-on-year growth.
Group like-for-like (LFL) revenue growth was 5.7% year-on-year, with Agri (+19.9% YoY) and Water & Food (+6.0% YoY) being major contributors of growth during the period.
Net profit
Underlying group net profit grew 25.5% year-on-year to AED 342.2mn. Agthia Group’s total assets stood at AED 6.6bn as of 31 December 2023, with total shareholders’ equity of AED 2.9bn.
“Agthia’s continued strong performance, despite a challenging economic environment, demonstrates the company’s ability to reap the rewards from its value-accretive M&A activities, leverage synergies across the Group, prioritize innovation across its product portfolio, and optimize its operations to maintain profitability,” remarked Khalifa Sultan Al Suwaidi, Chairman, Agthia Group.
“Strong revenue and profit growth over the past year is testament to the tireless efforts and agility of all our colleagues across the Group, despite significant macroeconomic challenges and the high interest rate environment,” commented Alan Smith, CEO, Agthia Group.
