Abu Dhabi (Al-Ittihad) Agthia Group’s net revenues during the first quarter of this year grew by 58% year on year, to exceed the threshold of one billion dirhams for the first time since the group’s inception. Net profit amounted to AED 82 million, an increase of 64% compared to the first quarter of 2021. The last quarter represented the first quarter to consolidate the businesses of all the five companies that were announced during 2021 (which are Al Foah Dates, Al Faisal Bakery and Sweets, Al Nabil Food Industries, Atyab Company, and BMB Group) and its positive impact on the group’s financial statements.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: “Agthia Group’s results for the first quarter of 2022 are evidence of the success of our efforts last year to enrich our business by acquiring new companies with growing value. This strong start at the beginning of the year confirms that the conditions are now ripe to reap the fruits of a year of thoughtful discipline and strict implementation of our growth strategy. This achievement is also a starting point for our mission to build a more comprehensive, efficient and integrated business model, culminating in the success we achieved in the first year of our five-year strategy.”
Al-Suwaidi added: “We look to the future with renewed determination, as we continue to accelerate the transformation process in all our core sectors, and achieve further growth for the benefit of shareholders and stakeholders. Our pioneering initiatives in continuous cost improvement and our ability to enhance productivity and integrate new businesses have had a tangible positive impact on the Group’s business as we continue our transformation journey.”
Alan Smith, Agthia Group CEO, said: “In the first quarter of 2022, our focus was primarily on the seamless integration of the acquired entities in 2021. Despite ongoing market volatility and exceptional inflation pressures globally, We are determined to continue and complete the transformation journey of our group. Our first-quarter results are a testament to the soundness of our M&A strategy that took place last year, which led to strong and consistent growth in our record total revenue across all of our core segments. We believe that there is a lot of room for further growth, as we continue our efforts to complete the integration process as a major priority in 2022, and move steadily towards achieving our five-year strategic growth plan.”