Agthia Group performs strongly in Q1 amid global economic challenges
Date
5/16/2024 6:06:27 AM
(MENAFN) The Abu Dhabi Securities market witnessed a noteworthy announcement from the Agthia Group regarding its first-quarter business results in 2024. Despite facing considerable hurdles stemming from the global macroeconomic landscape, the group showcased robust performance across all sectors, underscoring its resilience and adaptability.
Highlighted in the statement published on the Abu Dhabi Market website was the remarkable year-on-year increase in net revenues, soaring by 22.6 percent to reach 1.45 billion dirhams. Such a substantial growth figure is indicative of Agthia Group's steadfast commitment to achieving sustainable expansion, even amidst a challenging economic backdrop.
Moreover, the group reported a notable surge in net profits, climbing by 32 percent annually to attain 127.6 million dirhams during the first quarter of the year. This impressive growth was accompanied by a noteworthy expansion in the net profit margin, which widened by 63 basis points, reaching 8.8 percent. Such financial milestones signify the efficacy of Agthia Group's strategic initiatives and operational prowess in driving profitability amidst adverse conditions.
Khalifa Sultan Al Suwaidi, Chairman of the Board of Directors of Agthia Group, expressed his satisfaction with the outstanding performance achieved during the first quarter. Emphasizing the group's commitment to sustainable growth across all divisions, Al Suwaidi reiterated Agthia's strategic vision of consolidating its position as a leading food and beverage company in the MENA region and beyond.
Alan Smith, CEO of Agthia Group, echoed Al Suwaidi's sentiments, emphasizing the continuation of the group's upward trajectory in the new quarter. Smith attributed the ongoing success to the effective implementation of business strategies, resulting in revenue growth surpassing expectations. Furthermore, he highlighted the group's unwavering focus on operational efficiency, which has contributed to enhanced profitability despite prevailing global economic challenges.
In essence, Agthia Group's stellar performance in the first quarter of 2024 underscores its resilience, strategic vision, and commitment to delivering sustained growth in the face of evolving market dynamics.
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