(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 4th August, 2022 (WAM) -- Agthia Group PJSC, one of the region's leading food and beverage companies, announced today that its H1 2022 net revenues grew to AED 2 billion, building on exceptional first quarter growth and ongoing consolidation of strategic acquisitions.
The period ending 30th June 2022 saw a 51 percent year-on-year growth in net revenues compared with the same period in 2021.
Group net profit attributable to shareholders grew to AED 118 million for the period, a 74 percent increase relative to H1 2021, despite the challenging global inflationary environment. This performance reflects the impact of the Group's recent acquisitions as well as its cost optimisation efforts as part of its five-year growth strategy.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said, 'Agthia's first half results demonstrate the increasing benefits of our growth strategy to strengthen our F&B leadership in the Middle East and beyond. The acquisitions we have completed over the past year have not only delivered strong top-line growth but also contributed to enhanced profitability as we integrate the businesses into the Group and leverage synergies effectively. Having set out a number of promises and strategic priorities at the beginning of our transformational journey, we have already made significant progress across key milestone targets in a short space of time. Our confidence in Agthia's capability to continue delivering tangible value for shareholders and stakeholders remains steadfast.'
Alan Smith, Chief Executive Officer of Agthia Group, said, 'We have made significant progress in H1 2022. In the first quarter, our focus was on the consolidation of acquired entities, and in the second quarter we turned our attention towards accelerating synergy extraction and Group integration, which helped us offset higher direct costs and M&A related expenses, while minimising the impact of supply chain disruption and tackling market volatility and inflation, all without compromising on the quality of our products.
Smith added, 'Recent milestones, including Board approvals for expansion of our protein business in the Kingdom of Saudi Arabia and the acquisition of Egypt-based Auf Group will further support the realisation of our five-year strategy as we capitalise on our strengthening momentum in-market. Once again, our team has done a great job despite ongoing market challenges, and I am confident that we have the right foundations in place to maintain our momentum in the second half of the year.'
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