Abu Dhabi – Mubasher: Agthia Group logged net profits after tax worth AED 127.59 million in the first quarter (Q1) of 2024, marking a year-on-year (YoY) leap from AED 96.69 million.

The group’s revenues hiked to AED 1.44 billion in Q1-24 from AED 1.18 billion in Q1-23, according to the consolidated financial results.

Additionally, the basic and diluted earnings per share (EPS) jumped to AED 0.14 in the first three months (3M) of 2024 from AED 0.11 a year earlier.

Total assets hit AED 6.41 billion as of 31 March 2024, down from AED 6.64 billion at the end of December 2023.

Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “As we pursue our strategic vision of establishing Agthia as a premier food and beverage company in the MENA region and beyond, we remain committed to delivering profitable growth through investments in capabilities and innovation. With this momentum, I am confident about our continued progress in the forthcoming quarters.”

Alan Smith, Group CEO of Agthia Group, said: “Our revenue growth continues to outpace guidance, reflecting the successful execution of our business strategies.”

“Furthermore, our enhanced profitability serves as a testament to our unwavering focus on operational efficiency, even amidst persistent global economic challenges,” Smith noted.

In 2023, the ADX-listed group’s net profit increased by 9.90% to AED 299.56 million in 2023 from AED 272.58 million in 2022.

During Q1-24, Agthia Group raised its shareholding in Egypt-based Auf Group to 70%.