Agthia Group declares revenue rise to AED 3 billion in 2021

KUALA LUMPUR, March 8 -- Agthia Group PJSC, one of the region’s leading food and beverage companies, has announced Group net revenue reached AED 3.07billion for 2021, equivalent to 49 per cent year-on-year growth. (AED100 = RM113.84)

This follows the consolidation and integration of key acquisitions into the business, according to a statement.

Group net profit stood at AED 216 million compared with AED 34 million in the previous year, of which AED 83 million of one-off costs were incurred as a result of a strategic review of the Company’s balance sheet.

Chairman of Agthia Group, Khalifa Sultan Al Suwaidi said: “Agthia’s financial results for 2021 showcased a strong year for the business amid ongoing market volatility and challenging economic headwinds as the world recovers from COVID-19 and faces inflation.

“Despite these challenges, we continued our disciplined and methodical execution of the growth strategy we outlined for Agthia. Our results for 2021 are a testament to the soundness of our strategy and the quality of its execution.”

Meanwhile, Chief Executive Officer of Agthia Group, Alan Smith said: “In 2021, our primary focus was the consolidation of our Consumer Business Division (CBD).

“Our M&A activity throughout 2021 showcases our ongoing commitment to evolving the business into growth accretive consumer goods categories with the acquisition of four new entities across the Protein and Snacking segments, contributing AED 1.07 billion to sales.”

The CBD contributed 70 per cent of total group revenues, a 15 per cent increase in contribution compared to 2020. Agri-business division revenues totalled AED 931million for the year.

The Group’s total assets as of Dec 31, 2021 reached AED 6.4 billion following the consolidation of new assets into the business. Total shareholders’ equity stood at AED 2.8 billion for the period.

Agthia’s Board of Directors has recommended an 8.25 per cent cash dividend for the second half of 2021, equivalent to AED 0.0825 per share.

-- BERNAMA