UAE’s Agthia Group announces H1 profits, shares interim cash dividends of AED 65.31 million
One of the top food and beverage enterprises in the UAE, Agthia Group PJSC, had its general assembly meeting digitally today. The Board’s request for an interim cash dividend payment at a value of 8.25 fils per share, with a total amount of AED 65.31 million for the six months ending on June 30, 2022, was approved by the shareholders at the meeting.
Recently, Agthia reported impressive H1 results, with revenues of AED 2 billion, up 51% from the prior year. The impact of the Group’s recent acquisitions as well as its cost optimization initiatives as part of its five-year growth strategy are reflected in the Group’s Net Profit attributable to Shareholders, which increased to AED 118 million for the period, a 74% increase from H1 202.
The Group implemented a semi-annual dividend policy in April 2021 as part of the introduction of its 2025 Strategy to become a leader in food and beverage in the MENAP area and beyond, which is in line with its dedication to maximising shareholder returns. The semi-annual dividend policy maintains the Group’s capacity to deploy capital through a disciplined M&A strategy while acknowledging the Group’s expanding growth and improved financial character.
Agthia has disclosed an investment of AED 90 million in a manufacturing facility in Saudi Arabia to support the expansion of its protein vertical and to meet the high demand from regional clients. Additionally, in July 2022, the Board gave its approval to the purchase of a strategic 60% ownership in Auf Group, an Egyptian maker and retailer of speciality healthy snacks and coffee.
It is to be noted that it was only last month the group announced a change in its leadership. Its Chief Financial Officer, Ammar Al-Ghoul stepped down from his role. Their Senior Director of Finance, Neeraj Jain took over as acting CFO.
