The UAE-listed food companies made use of the higher consumer spending in the country, as their total earnings rose by 35.5% to AED 371.5 million in the first nine months of 2014 compared with AED 274.3 million a year earlier.
The combined earnings of the four Abu Dhabi-listed food companies reached approx. AED 247 million during the same period, compared with AED 167.5 million a year earlier.
Agthia’s Chairman Dhafer Ayed Al Ahbabi said the profit growth was driven by the strong sales growth because of the higher consumer rates.
Agthia’s sales reached AED 1.2 billion in the nine-month period.
Meanwhile, the total earnings of the five Dubai-listed food firms rose by nearly 27% year-on-year from AED 106.8 million to AED 124.5 million.
Photo Credit: Arabianeye-Reuters