Abu Dhabi – Mubasher: Agthia Group, part of ADQ, recorded AED 10 million net profits attributable to the owners in the first nine months of 2020, when compared to AED 117.24 million in the same period of 2019.

The group's year-to-date net profit would be AED 92 million on excluding impairments and adjustments. according to a press release on Sunday.

The group generated AED 1.58 billion revenues in the January-September period of 2020, up 2.2% from AED 1.55 billion in the year-ago period.

The basic and diluted earnings per share (EPS) settled at AED 0.016 in the first nine months of 2020, against AED 0.195 in the corresponding months of 2019.

During the third quarter (Q3) of 2020, the group's revenues increased by 1.2% to AED 492.1 million from AED 486.1 million in the same quarter of 2019.

Commenting on the group's performance, the Chairman of Agthia and Chief Investment Officer at ADQ, Khalifa Al Suwaidi, said: "The Group has developed new departments and divisions specialized in marketing, consumer business, mergers, and acquisitions, which aim to expand our products share in the local and international market."

Meanwhile, the CEO of Agthia, Alan Smith, noted: "Strategically, the management decided to adopt a prudent policy to encourage cost savings initiatives across our value chain and take the lead in recording all foreseeable impairments deemed necessary to improve the long-term quality of earnings."

It is noteworthy to mention that in the first half (H1) of 2020, the company's net profits declined by 50% to AED 42.3 million from AED 84.1 million in the corresponding half of 2019.