PHOTO
Al Ain Water maintains UAE market leadership
Abu Dhabi - Agthia Group PJSC, one of the UAE’s leading food and beverage groups, this morning reported H1 2018 net profit of AED 109 million on revenues of AED 1.01 billion, representing 1 percent like-for-like revenue growth. Agthia’s like-for-like profit also increased by 6 percent, driven by the Group’s relentless focus on cost efficiencies and optimization to add value to its bottom line and enhance its product mix across key categories.
Agthia’s flagship water brand, Al Ain Water, retained its market leading position in the UAE on account of strong volume sales in the Bottled Water and 5-Gallon Water categories. The Group’s Food category, which includes the Company’s Egypt operations, continued its outstanding turnaround with net revenues reaching AED 105 million, an increase of AED 14 million or 15 percent y-o-y.
HE Eng. 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, Chief Executive Officer of Agthia, said, “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. We remain committed to producing high-quality, essential products for our customers that meet their needs and inspire our wholehearted living vision.”
Al Wahedi added, “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.”
Agthia Group’s Consumer Products segment which includes market leader Al Ain water brand in addition to innovative Al Ain Zero and Al Ain Vitamin D water posted AED 543 Million in revenue, representing 54 percent of the Group’s revenue. Group’s Agri Products segments consisting of Grand Mills Flour and Agrivita Animal Feed, contributed AED 464 million in revenues.
The company has also reported that their Kuwait joint venture bottled water factory started commercial operations as of the 2nd week of July.
The Company’s audited Financial Statements along with the Directors’ Report are available at the Company’s website www.agthia.com and at www.adx.ae.
About Agthia
Agthia Group is a leading Abu Dhabi based food and beverage company. Established in 2004, the Company is listed on the Abu Dhabi Securities Exchange (ADX) and has the symbol “AGTHIA”. 51 percent of the Company’s shares are held by Senaat (General Holding Corporation), an Abu Dhabi Government entity, with the balance held by retail and institutional investors. The Company’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt and Turkey. Agthia offers a world class portfolio of integrated businesses providing high quality and trusted food and beverage products for customers and consumers across the UAE, GCC, Turkey and the wider Middle East. More than 4,000 employees are engaged in manufacturing, distribution and marketing various food and beverage products: Water (Al Ain, Al Bayan, Alpin Natural Spring Water, Delta, Bambini); Flour (Grand Mills); Animal Feed (Agrivita, Agrivita Marabea); Juices (Al Ain Fresh, Capri Sun); Dairy (Yoplait); Processed Food (Al Ain Tomato Paste, Frozen Vegetable); Ambient and Frozen Bakery (Grand Mills). For more information: www.agthia.com | ir@agthia.com | Tel: 971 2 506 0600.
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
