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Agthia’s shareholders approve H1-23 dividends

Agthia’s shareholders approve H1-23 dividends
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Abu Dhabi – Mubasher: The equityholders of Agthia Group agreed on disbursing 8.25 fils per share as a cash dividend for the first half (H1) of 2023, during the general assembly meeting on 12 September.

The region’s leading food and beverage company will pay a total of AED 65.31 million for the six months (6M) that ended on 30 June 2023, according to a press release.

Chairman of Agthia, Khalifa Sultan Al Suwaidi, commented: “Our interim dividend reflects Agthia’s robust balance sheet and strong cash generation, and continued confidence in its future growth prospects as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond."

The board members earlier proposed the interim cash dividends for the January-June 2023 period.

The CEO of Agthia, Alan Smith, noted: "Our strong cash generation enables us to accelerate investment in capacity, sustainability, and digital excellence to futureproof our growth while delivering an attractive return for all stakeholders.”

In H1-23, Agthia generated a 10.3% year-on-year (YoY) in net revenue to AED 2.20 billion. The group’s balance sheet remained strong as well with cash and equivalents of AED 600 million in addition to liquidity of AED 2 billion.

Furthermore, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) soared by 18.3% in H1-23 on the back of by margin expansion in snacking, protein, as well as water and food.