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The UAE-based food and beverages group Agthia achieved a net profit of 299.6 million dirhams ($81.5 million) for 2023, up nearly 10% from a year earlier, as revenues grew on the back of strong consumption of snacking goods.
The company’s total net revenue grew by 12% to AED 4.6 billion, supported by a continued shift in product portfolio towards higher growth segments in key markets, Agthia said on Wednesday.
A clear driver of revenue growth is the company’s snacking products, which emerged as the top performer with 38% year-on-year growth.
Earnings per share grew 5.8% to AED 0.330.
The company’s water and food revenue grew 6% year-on-year, while the protein and frozen business posted a decline amid the challenging macro and consumer environment.
Revenues in the agri-business grew 20%, with strong volume growth noted across flour and feed.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
