Published On: Wed, Oct 29th, 2014

Agthia Group net profit increases by 26 percent in first nine months of 2014

Agthia Group net profit increases by 26 percent in first nine months of 2014

Agthia Group net profit increases by 26 percent in first nine months of 2014

Agthia Group, an Abu Dhabi-based food and beverage company, today reported continued sales and profit growth during the third quarter of 2014, driven by resilient performance of both Consumer and Agri-Business Divisions.

Net profit for the first nine months of the year increased 26 percent to AED151 million, driven primarily by higher sales and improved margins. Net sales increased by 9 percent to AED1.2 billion for the first nine months of 2014 compared to the same period last year.

Chairman of Agthia Group, Dhafer Ayed Al Ahbabi, said, “We have seen a strong performance of the group in this quarter and the business is well positioned to sustain strong performance in quarters to come, both through organic growth and by seizing opportunities that arise in the U.A.E. and in other markets.” Iqbal Hamzah, Chief Executive Officer of Agthia, added, “Without doubt this period has further consolidated the strong year Agthia has had so far, with both the Consumer and Agri-Business Divisions continuing to perform well. We are addressing areas of underperformance and remain focused on driving the profitable growth of core businesses, while diversifying our product portfolio and widening our distribution reach.”

Source : WAM News Agency for United Arab Emirates

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