Dubai: Agthia Group reported revenue of Dh953.5 million in Q3 2022, a 20 per cent year-on-year increase.
Gross profit was up 14.6 per cent at Dh268.06 million, it said. Net profit after tax and zakat expenses stood at Dh47.12 million.
“Q3 revenue growth reflected robust pricing (price and volume growth of 12 per cent and 8 per cent, respectively) and was underpinned by strong demand in Protein and Snacking and market leadership in UAE bottled water. Year-to-date revenue growth was +39.5 per cent YoY, with 13 per cent from pricing and 27 per cent from volume,” the company said.
The company’s revenue for the nine-month period starting January 2022 stood at Dh2.95 billion.
“Agthia’s strong performance this quarter demonstrates both its resilience and continued progress in integrating acquired companies, leveraging synergies, and maintaining a profitable core. In conjunction with its clear strategic priorities, proven execution, and strong executive team, I am confident that Agthia will continue to deliver value for all stakeholders in both the near and longer-term as it transforms into a leading Food & Beverage company in the MENAP region and beyond,” said Agthia Group Chairman Khalifa Sultan Al Suwaidi.
Alan Smith, Group CEO, added: “Despite a period characterised by significant and evolving external challenges, our strong performance during Q3 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. We will continue to make the right investments to deliver quality and profitable growth, supported by the financial resources that our robust balance sheet and strong liquidity provide, and I remain excited by the growth opportunity ahead as we continue our journey to becoming a leading regional Food and Beverage company.”