Abu Dhabi: Shareholders of food and beverage company Agthia Group approved the board’s proposed interim cash dividend of 8.25 fils per share (Dh65.31 million) for the six months ending June 30, 2023, on Tuesday.
The decision was taken at a general assembly meeting held virtually.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Our interim dividend reflects Agthia’s robust balance sheet and strong cash generation, and continued confidence in its future growth prospects as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond.”
Alan Smith, CEO of Agthia Group, added: “Agthia’s performance during the first half of 2023 is a testament to our ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core. Our strong cash generation enables us to accelerate investment in capacity, sustainability, and digital excellence to futureproof our growth, while delivering an attractive return for all stakeholders.”
Agthia Group recently announced strong first-half results, with group net revenue increasing 10.3 per cent year-on-year to Dh2.2 billion, EBITDA increasing 18.3 per cent supported by margin expansion in snacking, protein, and water & food, and a 6.6 per cent increase in group net profit. The group’s balance sheet remained robust with cash and equivalents of Dh0.6 billion and liquidity of Dh2 billion.