Agthia net profit up 28pc
Abu Dhabi, January 23, 2014
UAE-based Agthia Group, a leading food and beverage group, has reported preliminary unaudited net profit of Dh160 million ($43.58 million) for 2013, up 28 per cent.
The increase was driven by strong sales and improved gross profits margins in Agthia’s Agri Business Division and the Consumer Business Division, said a statement.
It resulted from an improved sales mix, competitive procurement, in-house production of previously outsourced feed volume, cost saving initiatives and higher flour pricing in the Northern Emirates, it said.
The total net sales increased 14 per cent year-on-year to Dh1.51 billion, driven by higher volumes.
The Consumer Business Division, which produces and distributes products including Al Ain Mineral Water, Yoplait fresh dairy products and Capri-Sun juices, delivered a 16 per cent increase in sales, while the Agri Business Division, which manufactures and distributes Grand Mills flour and animal feed products, reported 13 per cent sales growth. - TradeArabia News Service
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