Dubai: Agthia Group, a leading food and beverages company in the region, and part of ADQ, one of the region’s largest holding companies announced the Group’s net revenue reached Dh492.1 million for the third quarter, a 1.2 growth verses Q3 2019.
This increase raises Agthia’s net revenue to Dh1.58 billion during the first nine months of 2020, which is equivalent to 2.2 per cent year on year growth compared to the same period last year.
In the third quarter, Agthia Group has taken the strategic decision to improve the long-term quality of its earnings and to strengthen its balance sheet. As a result, additional impairment / adjustments of Dh59 million were booked in Q3, with which total impairment / adjustments year-to-date would be Dh82 million leading to a year-to-date net profit of Dh10 million compared to Dh112.7 million for the same period last year
“2020 continues to be a transformational year for Agthia in an unprecedented business environment. Despite that, the Group’s Q3 2020 financial results underscore our plans to reset the fundamentals of the business with a focus on growth. Whilst our Board, CEO and leadership team are continuing strategic reviews, bold steps have already been taken by the team to re-set the base for future success,” said Khalifa Al Suwaidi, Chairman of Agthia and Chief Investment Officer at ADQ.
Agthia sad it is currently evaluating the non-binding offer it has received from General Holding Corporation PJSC (Senaat) to combine Al Foah Company LLC (“Al Foah”), with Agthia Group.
“Agthia Group continues to be wholeheartedly committed to producing essential and trusted food and drinks that nourish the communities in which we operate. Our resilience is further underpinned by our robust balance sheet and liquidity position,” said Alan Smith, Chief Executive Officer of Agthia.