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UAE-based Agthia Group’s 2022 net profit rose 14% year-on-year to AED 247 million (US$67.25 million), with net income rising 33% to AED 4.07 billion, a two-year increase of 97% on an annual basis.
Based on preliminary and unaudited results for the fiscal year ending Dec. 31, 2022, the company’s snacks and protein business grew more than 70% year-over-year. The company reported single-digit growth in its agriculture business and continued to maintain its market-leading position in bottled water in the UAE, according to a report by WAM.
Net operating income grew faster than revenue, up 39% year-on-year to AED 351 million, with scale and diversification across the business supporting product and channel optimization and further cost and production efficiencies.
Total assets
By the end of 2022, Agthia Group will have total assets of AED 6.8 billion and total shareholders’ equity of AED 2.8 billion.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Agthia’s strong performance last year in a challenging external environment clearly demonstrates management’s ability to acquire and integrate value-add businesses while leveraging synergies and maintaining a profitable core. As it executes its strategy, it will continue to create value for all stakeholders in the short and long term.”
Alan Smith, Chief Executive Officer of Agthia Group, said: “The strong revenue and profit growth of the recently acquired business and the legacy business is a testament to the relentless work and agility of all our colleagues in the Group. and strategy to grow an attractive business continues to bear fruit, and in two years of our transformation into the leading food and beverage company in the MENAP region and beyond, we are bigger, more efficient and stronger than ever Ability.”– trade arab news agency
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