Agthia Group Reports Strong Financial Growth in H1 2024
Agthia Group reports 14.7% revenue and 31.8% profit growth in H1 2024, driven by strong segment performance and strategic expansions. Dividend increased by 25%.
FRESH PRODUCE
Abu Dhabi, UAE – Agthia Group has announced significant financial results for the first half of 2024, with a 14.7% increase in net revenue to AED 2.5 billion and a 31.8% growth in net profit. This growth is attributed to strong performances across its key business segments, including Snacking, Protein & Frozen, Water & Food, and Agri-Business.
Expansion and Strategic Investments
Agthia Group has strategically expanded its market presence, particularly in Saudi Arabia, where it launched a new protein manufacturing facility in Jeddah. This move underscores the company’s commitment to strengthening its operations and boosting its market footprint in the Middle East.
The Group’s Snacking segment was a major contributor to this growth, with double-digit increases driven by acquisitions and brand expansions. The Protein & Frozen segment also performed well, benefiting from increased demand and operational efficiencies. These expansions have positioned Agthia Group as a leading player in the food and beverage sector within the MENA region.
Commitment to Sustainability
In line with its growth strategy, Agthia Group continues to emphasize sustainability. The company has implemented measures to reduce carbon emissions and increase the use of renewable energy sources across its operations. These initiatives are part of Agthia’s broader vision to lead in sustainability within the industry, ensuring long-term environmental and economic benefits.
Dividend Increase Reflects Confidence
Reflecting confidence in its sustained growth trajectory, Agthia’s Board of Directors has proposed a 25% increase in interim dividends to 10.31 fils per share. This increase not only rewards shareholders but also signals the company’s strong financial health and its optimistic outlook for the remainder of the year.
Outlook for 2024
Looking ahead, Agthia Group remains focused on achieving its full-year revenue growth target of 10%-12%. The company expects further margin improvements as it continues to drive efficiencies and leverage its expanded market presence. With a strong commitment to innovation, sustainability, and operational excellence, Agthia is well-positioned to continue its growth momentum in the competitive food and beverage industry.