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Agthia Group’s profits to owners cross AED 125m in H1-23; dividends proposed

Agthia Group’s profits to owners cross AED 125m in H1-23; dividends proposed
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Agthia
AGTHIA
-0.20% 5.08 -0.01

Abu Dhabi – Mubasher: The net profits attributable to the shareholders of Agthia Group amounted to AED 125.19 million in the first half (H1) of 2023, an annual rise from AED 118.10 million.

Revenues hit AED 2.20 billion as of 30 June 2023, higher by 10.30% year-on-year (YoY) than AED 1.99 billion, according to the interim consolidated income statements.

In the first six months (6M) of 2023, the basic and diluted earnings per share (EPS) reached AED 0.15, an annual jump from AED 0.14.

Financial Statements for Q2-23

The company’s net profits attributable to the owners jumped to AED 38.36 million in the second quarter (Q2) of 2023, versus AED 35.90 million in the year-ago period.

Revenues increased to AED 1.01 billion in Q2-23 from AED 942.48 million in Q2-22, while the basic and diluted EPS went up to AED 0.048 from AED 0.045.

Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Agthia’s results for 6M-23 further demonstrate the management’s ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core, across all economic cycles.”

“I am confident that Agthia will continue to create value for all stakeholders as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond,” Al Suwaidi continued.

Dividends for H1-23

The board members of the ADX-listed firm recommended cash dividends worth AED 65.31 million for H1-23. 

Subject to regulatory approvals, eligible shareholders will receive a dividend of AED 8.25 fils per share.

In Q1-23, Agthia Group witnessed net profits attributable to the equityholders at AED 86.83 million, up YoY from AED 82.19 million.