UAE food retail giant Agthia Group has reported half-year net profit of AED109 million on revenues of more than AED1 billion.
The company said revenues grew by 1 percent while net profit rose by 6 percent compared to the year-earlier period.
It added in a statement that the results were due to a “relentless focus on cost efficiencies”.
Agthia’s flagship water brand, Al Ain Water, retained its market leading position in the UAE while the group’s food category continued its turnaround with net revenues reaching AED105 million, an increase of 15 percent.
Dhafer Ayed Al Ahbabi, chairman of Agthia, said: “Agthia was able to not only withstand various market pressures in the first half of the year, but also thrive and continue with the remarkable profit turnaround of some of our categories. Agthia will continue to work hard to keep our promise to continually deliver sustainable profitable growth for the benefit of all of our stakeholders.”
Tariq Ahmed Al Wahedi, CEO of Agthia, added: “In the first six months of the year, we grew our feed, food and water businesses and I am proud to say that our signature product, Al Ain Water, maintained its clear leadership in the UAE at 29 percent and 27 percent volume and value market share respectively.
“Agthia will continue to innovate and enrich its portfolio by introducing products like Al Ain Vitamin D that are new to the world and good for our consumers and ultimately, significantly support our growth and expansion strategy.”
The company has also reported that its Kuwait joint venture bottled water factory started commercial operations last month.
Agthia Group is listed on the Abu Dhabi Securities Exchange and is 51 percent owned by Senaat (General Holding Corporation), an Abu Dhabi Government entity.
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