Abu Dhabi-based food and beverage company Agthia Group reported a 12.1% year-on-year surge in Group net revenue to Dh4.6 billion during 2023. The company attributed this surge to a continued shift in the Group’s product portfolio towards higher growth segments in key target markets.
According to the statement, snacking was the top-performing vertical, with 38.0% year-on-year growth. Group like-for-like (LFL) revenue growth was 5.7% year-on-year, with Agri (+19.9% YoY) and Water & Food (+6.0% YoY) being major contributors to growth during the period.
EBITDA rose 21.1% year-on-year to Dh689 million during the reporting period, with the EBITDA margin expanding +113bps to 15.1%. Underlying group net profit grew 25.5% year-on-year to Dh342.2 million, expanding net profit margin by +80bps to stand at 7.5%, notwithstanding further FX and interest rate headwinds throughout 2023. Reported group net profit increased 9.9% year-on-year at Dh299.6 million.
“Agthia’s continued strong performance, despite a challenging economic environment, demonstrates the company’s ability to reap the rewards from its value-accretive M&A activities, leverage synergies across the Group, prioritise innovation across its product portfolio, and optimise its operations to maintain profitability,” said Khalifa Sultan Al Suwaidi, Chairman of Agthia Group.
Underlying earnings per share (EPS) rose 23.0% year-on-year to Dh0.384, while reported EPS1 grew 5.8% year-on-year to Dh0.330.
Agthia Group’s total assets stood at Dh6.6 billion as of December 31, 2023, with a total shareholders’ equity of Dh2.9 billion.
“I am positive that Agthia can consistently deliver on its strategy of acquiring, integrating, and growing attractive businesses in value-add categories, as we continue to pursue our ambition to become a leading food and beverage company in the MENAP region and beyond,” said Alan Smith, CEO of Agthia Group
