Emirates Foodstuff and Mineral Water (Agthia) doubled its profit in the first half of the year compared with the same period last year.
Profit increased to Dh75.9 million (US$20.6m) compared with Dh37.9m for the first half last year.
The company said the result was mainly due to new products and continued success in its flour and feed and water divisions.
Revenues for the company reached Dh456m in the first half, up by almost 18 per cent since the first half of last year. In the first quarter of this year, Agthia posted revenues of Dh222m.
Agthia's water and beverages subsidiary recorded the biggest jump in sales volumes of 42 per cent, while its flour and feed division reported a 7.6 per cent increase.
Mina Zayed Port reported recently that container traffic rose by 27 per cent, in part because of increased imports of food into Abu Dhabi.
The growth in consumer goods imports may be partly attributed to population growth in the Abu Dhabi metropolitan area, which is expected to increase to 1.3 million by 2013 from 930,000 in 2007, according to the Urban Planning Council.
Food companies became regulated by the Government last year as commodity prices rose to record levels, fuelled by high oil prices.
This trickled down to grocery bills in the UAE, which imports about 80 per cent of its food. Inflation also hit a record high of 12.2 per cent in March last year.
In response, the Ministry of Economy signed agreements with major supermarket chains to cap the prices of basic goods such as cooking oil and rice. But by the end of last year, the price of oil dropped and market forces began to ease.
The IMF predicted last spring that UAE inflation would fall slightly to 10.8 per cent this year.
Shonil Chande, a food and drink analyst at the market research company Business Monitor International, said Agthia's performance was a reflection of the food and drink sector's resilience during the global economic crisis.
Agthia also attributed the increase in sales to its new lines of tomato paste, frozen vegetable products and Capri Sun beverages.
The tomato paste business produced revenues of Dh20m, which make up about 4 per cent of the company's total revenues.
Mr Chande said the tomato paste division, which is relatively new and still a small part of overall sales, would probably be a solid step towards Agthia's plans to diversify its product range and expand its customer base. He added that Capri Sun was doing good business for Agthia.
Despite its first-half success, Agthia said it did not expect profit growth to be so robust in the second half of the year.
The company said it expected flour and feed prices to decline with grain prices, and it would reduce the price it charged customers accordingly.
business@thenational.ae
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Traces%20of%20Enayat
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Iman%20Mersal%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20And%20Other%20Stories%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3C%2Fp%3E%0A
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Killing of Qassem Suleimani
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying