Abu Dhabi: UAE-based food and beverage company Agthia Group PJSC reported a 33 per cent growth in net revenue at Dh4.07 billion for the year ended December 31, 2022.
Net operating income grew 39 per cent year-on-year to Dh351 million, the company said on Tuesday, while group net profit increased 14 per cent to Dh247 million.
“Revenue growth from our Snacking and Protein segments increased by more than 70 per cent year-on-year, with high single-digit growth in our agri-business and continued market leadership in UAE bottled water,” the company said in a statement.
Total assets stood at Dh6.8 billion as at December 31, 2022, with total shareholders’ equity of Dh2.8 billion.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Agthia’s strong performance this past year, in a challenging external environment, clearly demonstrates management’s ability to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core. I am confident that Agthia will continue to deliver value for all stakeholders in both the near and longer-term as it executes its strategy.”
Alan Smith, CEO of Agthia Group, added: “Strong revenue and profit growth over the past year, across both recently acquired and legacy businesses, is testament to the tireless efforts and agility of all our colleagues across the Group. Our strategy to acquire, integrate and grow attractive businesses in value-add categories continues to bear fruit, and two years into our transformative journey to a leading food and beverage company in the MENAP region and beyond, we are far bigger, more efficient and have greater capabilities than ever before.”