Net Profit records 61% YoY increase to reach AED 67.9mn
Agthia Group recently announced its H1-2021 financial results for the period ending 30th June 2021. The Group recorded a net profit of AED 67.9mn (US$ 18.5mn) and total revenues of AED 1.32bn (US$ 359.36mn), representing 61% and 21% year-on-year growth, respectively, compared to the same period in 2020.
Revenue contribution increased by 20% YoY (year-on-year) to 65% with the agri-business division contributing the remaining 35% of the Group’s revenue, it was revealed in a press communiqué.
“Agthia has delivered a solid financial performance in the first half of 2021, reflecting our strong resolve in the face of global economic disruption,” commented Khalifa Sultan Al Suwaidi, Chairman, Agthia Group.
“Agthia’s H1-2020 performance has been driven by acquisition synergies, acceleration of transformation and additional cost optimization,” remarked Alan Smith, CEO, Agthia Group.
The Group’s consumer business division recorded AED 855mn in revenues. Q2-2021 also saw the water and beverage category return to growth versus the same period last year, driving H1-2021 revenue to AED 390mn.
Within Agthia’s agri-business, revenues reached AED 463.5mn, lagging sales for the same period in 2020 which included a one-time World Food Programme (WFP) order.
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