Agthia Group CEO Alan Smith. Image Credit: Supplied

Abu Dhabi: The total value of acquisitions carried out by Agthia Group last year exceeded Dh2.3 billion, CEO Alan Smith said on Monday.

In an interview with WAM, Smith said that the group aims to expand geographically, most notably in Saudi Arabia, and other markets such as Egypt and Pakistan.

He stated that Agthia will invest nearly Dh90 million to establish a new industrial facility within the premises of Al Nabil Food Industries in Jeddah.

The CEO noted that Agthia has low debt levels and a solid financial position, adding that the group’s net debt compared to earnings before interest, taxes, depreciation and amortisation is estimated at 2.4 times.

“We have established the foundations of the group’s transformation towards a business model based on consumer products, which we expect to have a significant impact on the group’s performance over the next 12 months,” Smith said.

The group’s products are currently available in more than 45 markets in North America, Europe, Asia, North Africa and the Middle East. The contributions of exports from the consumer and international business sectors to the group’s revenues increased by 84.5 per cent and 4.9 per cent, respectively. In contrast, every quarter, the group’s consumer business sector has represented 73 per cent of its total sales, valued at Dh1.5 billion, he said.