Thu 09-03-2023 15:21 PM
Abu Dhabi, 9th March 2023 (WAM) — Agthia Group has emphasised on its strategy to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core.
This came as the Group announced results for the fiscal year ending 31st December 2022 in a statement recently.
According to the statement, the Group’s gross profit increased 21% year-on-year to AED1.2 billion, with the 273bps decline in gross margin incorporating an additional AED270 million of commodity price inflation compared with the prior year. Its revenue footprint has expanded into 45 countries, with 51% of the revenue base now outside the UAE, compared with approximately 10% two years ago. The Group’ net revenue increased 33% year-on-year to AED 4.07 billion (+97% on a 2-year basis), with 22% growth from volume and 11% from pricing.
The Group’s net profit increased 14% year-on-year to AED247 million, with earnings per share +9% year-on-year (or +14% excluding the contribution and associated costs relating to Agthia Group’s acquisition of Abu Auf in Q4).
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said, “Agthia’s strong performance this past year, in a challenging external environment, clearly demonstrates management’s ability to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core. I am confident that Agthia will continue to deliver value for all stakeholders in both the near and longer-term as it executes its strategy.”
For his part, Alan Smith, Group Chief Executive Officer, said, “Strong revenue and profit growth over the past year, across both recently acquired and legacy businesses, 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, and two years into our transformative journey to a leading food and beverage company in the MENAP region and beyond, we are far bigger, more efficient and have greater capabilities than ever before. We will continue to remain focused and agile in our execution, and are, more than ever, confident in the long-term growth trajectory of our business.”
Hatem Mohamed/ Amjad Saleh