Agthia Group Q1 2018 Revenues Reach AED 491million
Agthia Group PJSC, one of the UAE's leading food and beverage groups, this morning reported Q1 2018 web revenue of AED 47 million on profits of AED 491, standing for like-for-like profits development of 3.7 percent compared to the very same duration in 2017. Agthia's like-for-like profit growth totaled up to 10.1 percent, fuelled by cost optimization efforts across a lot of lines in its durable goods business.
The Group's flagship Water category proceeded its growth momentum driven by Al Ain Water, the UAE's top bottled alcohol consumption water brand. The Beverages category, including Capri Sunlight juice beverages and Al Ain fresh juices, witnessed softening need because of transforming consumer preferences with the introduction of the VAT and an usually declining juice market. Meanwhile web incomes of the Food group signed up an increase of 16.8 percent from Q1 2017.
HE Eng. Dhafer Ayed Al Ahbabi, Chairman of Agthia, said: "Regardless of a challenging operating setting that saw the introduction of VAT and various other headwinds, Agthia remained to expand in accordance with our 2020 strategy. We began 2018 with major steps that speak to our devotion as innovators in all of our markets, and we intend to continuously expand all our companies through the same type of innovative thinking."
The Group authorized a contract in Q1 2018 with the Division of Urban Planning and Municipalities to handle Abu Dhabi's and Al Ain's food service centres, supplying UAE citizens with a series of customer products at affordable costs and guaranteeing to enhance the Group's development in durable goods.
Eng. Tariq Ahmed Al Wahedi, Chief Executive Officer of Agthia, included: Agthia continues to pursue its mission to be a regional leader in delivering the best quality, nutritious and responsibly produced products. The launch in January of Al Ain Vitamin D Water , offering a novel way of helping address the UAEs vitamin D deficiency, has significantly contributed in this mission. Further product introductions will reinforce our drive to grow through innovation in the food and beverage business and regional growth will continue to drive our business in the years to come.
Agthia's consumer groups currently represent 53 percent of total group profits, compared with much less compared to 20 percent only a years back.
The Group's other division, the Agri Business, containing Grand Mills Flour and Agrivita Animal Feed groups, has successfully weathered development difficulties following subsidy justification over the past two years. As part of these efforts, Agthia recently became part of an innovation and modern technology partnership with Trouw Nutrition Hifeed, a Nutreco Company that is the global leader in pet nutrition and aquafeed, to establish a profile of services and products for enhanced nutrition, boosted animal performance and improved economic performance in chicken and ruminants for the Agrivita brand.
The news of the Q1 results adheres to the conclusion of Agthia's 13th Annual General Fulfilling held on April 26 in Abu Dhabi. Among other published program products, a money returns of AED 0.15 per share has been authorized by the AGM. Investors entitled for money rewards are those videotaped in the Share Register on Sunday, Could 6, 2018.
Because of several one-off things in the initial quarter financials of 2017 which did not repeat in 2018, the Group's reported incomes and earnings show up lower in Q1 2018 compared to Q1 2017. The Company's audited Financial Statements, Directors' Report, and Corporate Governance Report are readily available at the Company's site www.agthia.com and at www.adx.ae.
