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Agthia Q3 net grows 81pc

Abu Dhabi, October 29, 2008

Agthia Group, a leading Abu Dhabi based food and beverages group, reported net profit of Dh16 million ($4.36 million) for the third quarter, an increase of 81 per cent over the same period last year.

Sales for the quarter rose to Dh215 million ($58.5 million), up 49 per cent from Dh144 million ($39 million) for the same period in 2007.

For the nine months to September 2008, sales grew to Dh599 million from Dh411 million a year ago, an increase of 46 per cent.

For the nine months, net profit was Dh54 million, an increase of 90 per cent, compared to the same period last year.

'These very encouraging third quarter results have once again illustrated the company’s continuing growth momentum, with high double digit growth across all of our key financial performance indicators,' stated Rashed Mubarak Al Hajeri, chairman of Agthia.   

'Having achieved strong results in the first two quarters of 2008, the third quarter results reaffirm the highly positive effect that the management’s financial and strategic turnaround initiatives have had on the company’s performance.'

“This is the seventh consecutive quarter that Agthia has delivered very strong sales, profit and EPS growth, which continue to be driven by a clearly defined strategy and a commitment to achieving the company’s mission: to make Agthia the UAE’s best Food and Beverages company,” added Ilias Assimakopoulos, CEO of Agthia.

The establishment of Greenfield tomato paste & frozen vegetable production facility in Egypt and the integration of “Capri Sun” juice business are progressing as per schedule with expected production and distribution commencement timing of Q4 2008 and Q1 2009 respectively, said a company statement.-TradeArabia News Service




Tags: Agthia Group | Food & beverages |

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