Abu Dhabi-based food and beverage company Agthia Group reported 6.8 per cent jump in its second-quarter profit, despite currency headwinds in Egypt, one of the company's biggest markets.
The group's profit attributable to the owners of the company surged to Dh38.4 million ($10.5 million) in the April-June period, the company said in a regulatory filing on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The profit was driven by strong growth in its snacking and water business and group-wide efficiencies.
The company’s revenue in the past quarter increased more than 8.1 per cent on an annual basis to more than Dh1.01 billion.
The revenue growth reflected a “strong volume and value performance from dates, underpinned by premiumisation and innovation, and good growth in flour, our food portfolio and international water, which cushioned the adverse impact of currency devaluation in Egypt”, Agthia said.
The company’s net profit in the first half of the year surged to Dh125.2 million while revenue stood at over Dh2.2 billion.
The Egyptian pound has been devalued three times since early 2022.
In June, Egyptian President Abdel Fattah El Sisi ruled out another devaluation of the country’s embattled currency in the near future, saying it would place an unbearable burden on the nation’s 105 million people.
Egypt – the Arab world’s most populous nation – is a strategically important market for Agthia from the point of view of a cost-effective manufacturing hub for key export markets across Gulf Co-operation Council countries and North Africa.
The company’s cash and equivalents stood at Dh600 million, post Dh579 million of debt prepaid in the year to date.
“Agthia’s results for the first six months of the year further demonstrate the management’s ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core, across all economic cycles,” said Khalifa Sultan Al Suwaidi, chairman of Agthia.
“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.”
Last month, Agthia launched a $54 million corporate venture capital fund that aims to expand its innovation capabilities and create mutual value with the start-up community.
Called Agthia Ventures, the new fund is co-funded by Agthia and its parent company ADQ, the Abu Dhabi-based investment and holding company, and will be co-managed with Touchdown Ventures.
“The efficiencies we continue to generate across our portfolio are enabling us to accelerate investment in capacity, sustainability, and digital excellence, while maintaining a robust balance sheet,” said Alan Smith, chief executive of the company.
“An economic backdrop characterised by inflationary headwinds and currency volatility has required us to remain disciplined and agile in our execution.”
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Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)
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