Dubai: UAE food giant Agthia Group posted a 12.1 per cent rise in revenue to Dh4.6 billion during fiscal 2023, with its snacking business being its top-performing vertical during the year, with 38 per cent year-on-year growth.
Meanwhile, the company’s agricultural business rose 19.9 per cent in 2023, while its water and food vertical grew 6 per cent, both being major contributors of growth during the period. This helped the company report a 9.9 per cent year-on-year increase in group net profit to Dh299.6 million.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “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.
"I am confident that Agthia will further solidify its position in key market segments, aiming to provide high-quality and trusted food and beverage products to an increasing number of consumers.”
Alan Smith, Chief Executive Officer of Agthia Group, said: “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. I am positive that Agthia can consistently deliver on its strategy of acquiring, integrating, and growing attractive businesses in value-add categories, as we continue to pursue our ambition to become a leading food and beverage company in the MENAP region and beyond.”
