Business | Markets

Food and beverage firm reports 44% sales growth

Agthia Group P.J.S.C., Abu-Dhabi based food and beverages, reported sales of Dh385 million for the first half of 2008, representing a growth of 44 per cent from Dh267 million over the same period last year. Second-quarter sales alone reached Dh199 million, for a 47 per cent increase versus 2007.

  • Staff Report
  • Published: 00:02 July 31, 2008
  • Gulf News

Abu Dhabi: Agthia Group P.J.S.C., Abu-Dhabi based food and beverages, reported sales of Dh385 million for the first half of 2008, representing a growth of 44 per cent from Dh267 million over the same period last year. Second-quarter sales alone reached Dh199 million, for a 47 per cent increase versus 2007.

First-half net profit of Dh38 million represented an increase of 94 per cent compared to the same period last year, while second-quarter net profit of Dh19 million is 86 per cent up on the same period last year

First-half gross profit margin increased to 20.7 per cent versus 18.3 per cent in 2007, while second-quarter gross profit margin is 18.9 per cent versus 18.7 per cent in 2007. Earnings per share improved to Dh0.126, reflecting a 97 per cent growth.

Rashid Mubarak Al Hajeri, Chairman of Agthia, said, "We are exceptionally pleased with these strong results for Agthia in the first six months of 2008, especially given the current challenging environment in the global food and beverage industry. The results, both financially and operationally, are testament to the management team's development and successful implementation of the company's financial and strategic turnaround initiatives."

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