Abu Dhabi – Mubasher: Agthia Group reported a 23.5% year-on-year drop in profits for the fourth quarter of 2017.

Net profit amounted to AED 41.4 million ($11.3 million) in Q4-17, compared to AED 54.1 million ($14.73 million) in the same period a year earlier, the group said in a filing to the Abu Dhabi Securities Market (ADX).

Meanwhile, net profit retreated 19% to AED 206.1 million in 2017 from AED 254.3 million the year before.

Earnings per share fell by 19% to 34.4 fills in 2017, compared to 42.4 fils the previous year.

Agthia Group attributed the decrease in profits to lower profit in flour and animal feed as a result of subsidy removal.

Net profits declined by 18% year-on-year to AED 164.7 million for the first nine months of 2017, versus AED 200.19 million in the January-September 2016 period.