Agthia Group achieves record quarterly revenues in Q1 2022

(Photo: Agthia Group)
ABU DHABI — Agthia Group PJSC, one of the region’s leading food and beverage companies, announced on Monday that its quarterly net revenues surpassed AED 1 billion in Q1 2022 for the first time since its inception. The quarter, ending March 31, 2022, saw a 58 percent year-on-year improvement in net revenues compared to the same period in 2021.اضافة اعلان

Group net profit attributable to shareholders registered at AED 82 million for the quarter, a 64 percent increase relative to Q1 2021. The previous quarter was the first when the performance of all five acquisitions made throughout 2021 – Al-Foah, Al-Faysal Bakery & Sweets, Nabil Foods, Atyab, and BMB Group – was consolidated and reflected on the Group’s financial statements.

Khalifa Sultan Al-Suwaidi, chairman of Agthia Group, said: "Agthia’s first quarter results for 2022 are indicative of the hard work throughout the previous year to acquire and consolidate value-accretive brands that complement our existing portfolio of companies. The Group’s impactful start to the year demonstrates we are now well-positioned to begin reaping the fruits of our labor following a year of measured discipline and rigorous application of our strategy to seize growth. This achievement is just the beginning of our mission to build a more holistic, efficient, and integrated business model after successfully rounding out the first year of our five-year strategy.”

Alan Smith, chief executive officer of Agthia Group, said: “In the first quarter of 2022, our attention was focused primarily on the seamless integration of the entities acquired in 2021. Despite the ongoing fluidity of market conditions and a challenging global inflationary environment, we are steadfast in continuing Agthia’s journey of transformation. Our first quarter results are proof of our conviction in the M&A activities conducted last year through the generation of healthy growth to our top-line revenues across all our verticals. We see significant headroom to grow further as we continue to pursue full integration as a top priority in 2022 and we remain firmly on-track to deliver against our five-year strategic roadmap.”

From a financial perspective, Agthia’s consumer business division achieved substantial growth of 83 percent compared to the previous year, now encompassing 75 percent of total group sales.

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