Agthia Group records higher profit in the first half of 2013

RetailME Bureau

Abu Dhabi-based food and beverage company Agthia Group posted around 50% higher profit in the first half of the year owing to higher sales and better margins. The company’s sales reached $208 million, recording a 19% rise, while its net profit stood at $23.7 million, up 56% from the same period last year.

The group is currently expanding production and distribution of its existing products like Al Ain water, while adding new ones such as US-based energy drink brand Monster Energy. It also relaunched Yoplait products during the first half of this year with new packaging, additional low-fat options with fruit and new flavours. The company launched its Alpin spring water brand in Turkey during the same period and has plans to commission a new five-and-10-litre bottling line next month. It also aims to introduce Alpin in the UAE during the second half of this year. Moreover, a new initiative to produce frozen baked products will be launched by Agthia next year. Additionally, expansion is also taking place in its agri-business division, with the company looking to expand its flour milling capacity.

“Agthia is making good progress on its strategy, focusing on profitably growing core business and improving performance of our recently launched products as well as our Egyptian and Turkish operations. The company remains focused and will push ahead with growth plans through new product introductions, capacity expansions and expanding our footprint across the GCC markets,” reveals Agthia Group’s chairman Rashed Mubarak Al Hajeri.

“We will continue to grow in the UAE, expand geographically and enhance our manufacturing capabilities, while improving operating and cost efficiencies. Despite a challenging regional environment, we remain optimistic and expect another successful growth year,” adds Ilias Assimakopoulos, chief executive of the company.