Agthia Group, one of the region’s leading food and beverages companies, has approved a cash dividend of 15% totalling Dh90 million ($24.5 million) to shareholders at its  15th Annual General Meeting.

 

The AGM was held on April 16 virtually over video conference. 

 

Among other published and approved agenda items, Agthia announced election results of its board. The group’s board members now include, Khalifa Sultan AlSuwaidi, Salmeen Obaid Alameri, Khamis Mohamed Alshamsi, Khalaf Abdulla Alhammadi, Gianluca Fabbri,  Saifuddin Rupawala, and Gil Adotevi. 

 

Agthia Group previously reported net profit of  Dh137 million, net revenues of Dh2.04 billion and  a 2% year-on-year growth in revenue driven by geographic expansion and product category diversification. 

 

The group’s consumer-business contributed to Agthia’s top-line with an increase to 56% versus 54% from the previous year. This increase is driven by the group’s 5-gallon Home and Office Delivery (HOD) business in the UAE, along with the food segment, as well as the company’s Saudi Arabia and Kuwait operations, the company said. 

 

Agthia’s Agri-business, which consists of Grand Mills Flour and Agrivita Animal Feed, met market expectation and was driven by the flour business, as volumes recorded strong growth in export sales, retail penetration specifically in the Northern Emirates, as well as wheat trading, it said. 

 

Eng Dhafer Ayed Al Ahbabi, Agthia Group Chairman, said: “Agthia’s 2019 financial results are a positive indicator of the group’s relentless ability to preserve leading market share and post an increase in revenues, despite a rather challenging year across the region. This is a testament to the Group’s resilience and its strength to uphold shareholder confidence, while continuing to align with the economic diversification agendas of the UAE and the foreign countries in which we operate in.” 

 

Eng Jamal Salem Al Dhaheri, Agthia Group Acting CEO, said: “Our revenue growth demonstrates Agthia’s strength, led by our diversified product portfolio and increase in geographic footprint. Despite competitive and aggressive activity in various segments, we continue to lead the market share against a backdrop of price promotions and changing consumer habits.” 

 

Al Dhaheri added: “Our continued cost optimisation efforts across the entire business and our focus on innovation is part of our commitment to sustainable revenue growth and remains our priority by providing our consumers with trusted quality foods, animal feed and beverages.”

 

Key achievements from Agthia Group in 2019 include the inauguration of the company’s new Packaging Technology Centre in Al Ain, which is dedicated to developing more sustainable packaging technologies and is part of the group’s commitment to sustainability. 

 

Agthia also announced the group’s sustainability initiatives during Gulfood 2019 where it launched its new innovative product Al Ain Zero Bromate, the region’s first zero-bromate-branded drinking water, , Al Ain Water Bag-in-Box, also a first in the region, alongside the region’s first Vitamin D fortified flour, Grand Mills Vitamin D. - TradeArabia News Service