Abu Dhabi – Mubasher: Agthia Group has registered an 86% increase in net profits attributable to the owners to AED 49.584 million in the first quarter (Q1) of 2021 from AED 26.637 million in the year-ago period, according to the company's consolidated financial results for the three-month period ended 31 March 2021.

Higher net profits are driven by the acquisition of Al Foah and Al Faysal Bakery, which added over AED 28 million to the bottom-line, more than offsetting higher grain costs and extra advisory fees aiming to support the company's merger and acquisition strategy.

The company's revenues rose to AED 665.524 million in the first three months of 2021, up 17% from AED 570.897 million in the corresponding period of 2020.

The basic and diluted earnings per share (EPS) stood at AED 0.069 in Q1-21, compared to AED 0.044 in the same quarter of 2020.

It is noteworthy to mention that in 2020, the company's net profits attributable to the shareholders plunged to AED 34.471 million from AED 137.026 million in 2019.