Agthia’s agri business , which manufactures 'Grand Mills' flour, was helped by higher domestic demand. Image Credit: Gulf News Archive

Abu Dhabi: Agthia Group, the company behind brands such as ‘Al Ain’ and ‘Al Bayan' water – recorded net profits of Dh26.6 million, a sharp decline of 33 per cent compared to a year ago. While net profit was down, the revenue was up 12 per cent at Dh571 million, with its consumer division reaching Dh298 million, a 6 per cent growth compared to last year.

The water and beverage generated revenue was at Dh216 million.

“In March, we were set in front of unprecedented circumstances as we face a global pandemic with the COVID-19 outbreak,” said Khalifa Sultan Al Suwaidi, chairman at Agthia Group. “As a critical player in the nation’s food security, we are collaborating with the government in ensuring continuous supply and increasing security stocks of essential food, water and beverages products to better serve the community.

Total assets stood at Dh3.3 billion, up 6.4 per cent year-on-year, with the cash and bank balance also up at Dh770 million.

“Net revenue contribution by consumer businesses – water, beverages, dairy, tomato paste and frozen vegetables, bakery and trading items – reached 52 per cent, whereas agri business – flour and animal feed – generated the remaining,” said the chairman.

The agri business grew by 21 per cent to Dh273 million, with its flour segment reporting a 52 per cent gain to Dh154 million on higher domestic demand and exports.