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Agthia Group’s net profit rises 10% YoY in 2023

Agthia Group’s net profit rises 10% YoY in 2023
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Abu Dhabi – Mubasher: Agthia Group’s reported group net profit surged by about 9.9% year-on-year (YoY) to AED 299.56 million in 2023 from AED 272.58 million.

The group’s net revenue rose around 12.1% YoY to AED 4.56 billion last year, versus AED 4.06 billion, according to the preliminary financial results.

The reported earnings per share (EPS) reached AED 0.33 in 2023 from AED 0.31 in 2022.

On the other hand, total assets dropped to AED 6.64 billion last year from AED 6.80 billion the year before.

Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Agthia’s continued strong performance, despite a challenging economic environment, demonstrates the company’s ability to reap the rewards from its value-accretive M&A activities, leverage synergies across the Group, prioritize innovation across its product portfolio, and optimize its operations to maintain profitability.”

Alan Smith, CEO of Agthia Group, stated: “Strong revenue and profit growth over the past year is a testament to the tireless efforts and agility of all our colleagues across the Group, despite significant macroeconomic challenges and the high-interest rate environment.”

Between January and September 2023, Agthia Group reported net profits of AED 205.55 million, against AED 182.40 million in the same period a year earlier.