Agthia Group Reports 14.7% Revenue Growth and 31.8% Profit Increase in H1 2024
Abu Dhabi [UAE], August 7: Agthia Group PJSC (Agthia or the Group) announced its results for the six-month period ending 30 June 2024. The Group delivered strong performance during H1 2024, on track to meet its full-year 2024 guidance.
The Group’s profitable growth across all four segments, combined with leveraging group-wide efficiencies, resulted in both Group EBITDA and Group net profit growing faster than revenue. Group net profit grew 31.8% year-on-year to AED 190.0 million during H1 2024, with net profit margin standing at 7.5%, reflecting a 98bps expansion, notwithstanding FX headwinds and the introduction of income tax in the UAE. The Group net revenue rose by 14.7% YoY to AED 2.5 billion.
In line with the Group’s semi-annual dividend policy, Agthia’s board of directors has recommended the distribution of AED 85.7 million as an interim cash dividend (equivalent to 10.31 fils per share). This represents a 25% year-on-year increase. The dividend payment is subject to shareholder approval at Agthia’s next AGM.
Comments from Leadership
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Agthia continues to deliver strong performance, solidifying our growth momentum in the first half of the year. Our unwavering commitment to strengthening our business and achieving our long-term goals remains clear. This quarter’s results underscore our resilience and strategic focus on driving sustainable value across our diverse portfolio. Going forward, we are well-positioned to seize opportunities in the MENA region and beyond, leveraging our strengths in innovation, digitalization, and operational excellence.”
Alan Smith, Group Chief Executive Officer of Agthia Group, commented: “Agthia delivered solid top and bottom-line results in the first half of the year, reaffirming our ability to navigate effectively challenging and dynamic operating environments. Our teams maintained their focus and agility in the execution of our long-term growth strategy, and we continue our efforts to drive sustainable long-term growth by investing in our brands, capturing synergies and driving efficiency gains.”
Doubts Revealed
Agthia Group -: Agthia Group is a company based in the United Arab Emirates that produces food and beverages.
PJSC -: PJSC stands for Public Joint Stock Company, which means the company’s shares can be bought and sold by the public.
H1 2024 -: H1 2024 refers to the first half of the year 2024, from January to June.
AED -: AED stands for Arab Emirates Dirham, which is the currency used in the United Arab Emirates.
Revenue -: Revenue is the total amount of money a company makes from selling its products or services.
Net profit -: Net profit is the amount of money a company has left after it pays all its expenses.
Interim cash dividend -: An interim cash dividend is a payment made to shareholders before the company’s annual earnings are calculated.
Chairman -: The Chairman is the leader of the company’s board of directors, responsible for overseeing the company’s management.
CEO -: CEO stands for Chief Executive Officer, who is the highest-ranking person in the company and makes major decisions.
Khalifa Sultan Al Suwaidi -: Khalifa Sultan Al Suwaidi is the Chairman of Agthia Group.
Alan Smith -: Alan Smith is the CEO of Agthia Group.
Resilience -: Resilience means the ability to recover quickly from difficulties.
Strategic focus -: Strategic focus means concentrating on long-term goals and plans to achieve success.
Sustainable growth -: Sustainable growth means growing in a way that can be maintained over the long term without causing harm to the environment or society.
