Abu Dhabi – Mubasher: Agthia Group posted net profits worth AED 205.55 million in the first nine months (9M) of 2023, versus AED 182.40 million in 9M-22.
The UAE company generated revenues valued at AED 3.27 billion in the January-September 2023 period, an annual rise of 10.90% from AED 2.94 billion, according to the income statements.
Basic and diluted earnings per share (EPS) increased to AED 0.22 in 9M-23 from AED 0.20 a year earlier.
Total assets amounted to AED 6.32 billion in 9M-23, compared to AED 6.80 billion as of 31 December 2022.
Financial Results for Q3-23
In the third quarter (Q3) of 2023, the company recorded a year-on-year (YoY) jump in net profit to AED 61.45 million, compared to AED 47.17 million.
Revenues hiked to AED 1.06 billion in Q3-23 from AED 953.54 million in Q3-22, while the basic and diluted EPS went up to AED 0.06 from AED 0.05.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Agthia’s Q3 results demonstrate continued progress against strategic objectives, namely protecting the core business, reaping the rewards of recent value-accretive M&A, and investing in capability and innovation to deliver on its vision to become a leading food and beverage company in the MENA region and beyond.”
The Group CEO, Alan Smith, commented: “Another strong and profitable outturn this quarter, accompanied by continued investment in capability to future-proof growth, is a testament not only to Agthia’s strategy of acquiring, integrating, and growing attractive businesses in value-add categories but also to the efforts of each of its valued colleagues across the group.”
In the first half (H1) of 2023, the ADX-listed firm logged net profits attributable to the shareholders valued at AED 125.19 million, compared to AED 118.10 million in H1-22.
