Agthia Group has reported a 32% growth in net profit for the first half of 2024.
The profit was driven by 14.7% growth in net revenue to Dh2.5 billion. robust financial results for the first half of 2024. . Excluding a one-time gain from wheat sales in the first quarter, organic revenue growth stood at a healthy 9.3%. Notably, innovations accounted for 45% of the Group’s growth in the first half of 2024.
All business segments contributed positively to revenue growth, with the snacks segment leading the way. EBITDA margin expanded by 65 basis points year-on-year to 15.1%, driven by strong performance across all segments.
Alan Smith, CEO of Agthia Group, said: “Agthia continues to prioritize operational excellence, with initiatives such as product mix optimization, cost efficiency, and automation contributing to improved margins. Our commitment to sustainability is evident in our progress in reducing carbon emissions and adopting renewable energy sources.
“We have retained our market-leading position in the UAE water market, with Al Ain bottled water maintaining its market leadership. Our expansion into international markets, particularly in Oman and Kuwait, has yielded positive results.
“Agthia enjoys a strong financial position, enabling us to invest in growth opportunities, including M&A. Our focus remains on creating long-term value for our shareholders while contributing to the growth and development of the communities we serve. I am proud of our team’s achievements and their unwavering dedication to delivering exceptional results. We are well-positioned to capitalize on future growth opportunities and continue to strengthen our position as a leading food and beverage company in the region.”