Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on a deal-making spree with the aim of becoming the biggest food and beverage company in the region by 2025. Photo: Agthia
Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on a deal-making spree with the aim of becoming the biggest food and beverage company in the region by 2025. Photo: Agthia
Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on a deal-making spree with the aim of becoming the biggest food and beverage company in the region by 2025. Photo: Agthia
Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on a deal-making spree with the aim of becoming the biggest food and beverage company in the region by 2025. Photo: Agthia

Agthia's 2022 net profit up 14% on higher operating income


Alvin R Cabral
  • English
  • Arabic

Abu Dhabi-based food and beverage company Agthia Group reported a 14 per cent increase in its 2022 profit, as operating income and group revenue rose last year.

Net profit attributable to the company’s shareholders for the 12 months ended December reached Dh246.7 million ($67.17 million), the company said in a regulatory filing on Tuesday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.

The company's net revenue jumped by more than a third annually to Dh4.07 billion on the back of strong growth in its snacking and protein verticals.

Operating income rose 39 per cent to Dh351 million, as the company scaled and diversified its operations to drive cost and production efficiencies, it said.

The 2022 results position the company to “deliver value for all stakeholders in both the near and longer term as it executes its strategy”, said Khalifa Al Suwaidi, chairman of Agthia Group.

“Agthia’s strong performance this past year, in a challenging external environment, clearly demonstrates the management’s ability to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core.”

Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on a deal-making spree with the aim of becoming the biggest food and beverage company in the region by 2025.

In December, the company completed the acquisition of a majority stake in Egypt's snacks and coffee producer, Auf Group. The deal to acquire a 60 per cent Auf stake for an undisclosed amount was first announced in July.

Last May, Agthia also announced its expansion into Saudi Arabia with a greenfield investment worth Dh90 million that will be used to set up a manufacturing unit in the kingdom.

“Our strategy to acquire, integrate and grow attractive businesses in value-add categories continues to bear fruit … we are far bigger, more efficient and have greater capabilities than ever before,” said Alan Smith, chief executive of Agthia Group.

The company's balance sheet remained strong, with total assets of Dh6.8 billion at the end of 2022.

Agthia's protein and frozen unit, which accounted for 28 per cent of 2022 revenue, performed strongly in Egypt and Jordan despite inflationary pressures, the company said.

In Egypt, Agthia's brands withstood the devaluation of the pound, with robust pricing and “good” volume growth across its operations there.

The company's snacking segment, which accounted for 23 per cent of total revenue, also posted growth on the back of successful new product launches and strong demand from new international markets.

Alan Smith, chief executive of Agthia Group, said the company's strategy to acquire, integrate and grow 'attractive' businesses continues to bear fruit. Victor Besa / The National
Alan Smith, chief executive of Agthia Group, said the company's strategy to acquire, integrate and grow 'attractive' businesses continues to bear fruit. Victor Besa / The National

In its bottled water business, Agthia — which carries the brands Al Ain Water, Al Bayan, Voss and Alpin — posted record levels of new customer acquisitions, particularly in its five-gallon business, as it enacted initiatives to raise brand awareness, the company statement said.

Revenue in Agthia's agribusiness grew in the high-single digits, driven by strong volume growth in its core flour categories.

UK’s AI plan
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Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
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  • NMC Royal Medical Centre - Abu Dhabi
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Cracks in the Wall

Ben White, Pluto Press 

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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

Liverpool's all-time goalscorers

Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

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2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Avatar: Fire and Ash

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Rating: 4.5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

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- 5 wins in 22 months as pro
- Three wins in past 10 starts
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Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

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Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
COMPANY%20PROFILE
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY%20PROFILE
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Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Updated: February 01, 2023, 10:05 AM