Agthia Group's profits surge in 2024; Egyptian operations expand despite EGP devaluation
Abu Dhabi: Agthia Group achieved net profits worth AED 321.83 million in 2024, an annual growth of 7.40% from AED 299.57 million, as per the unaudited income results.
Net revenues increased by 7.70% year-on-year (YoY) to AED 4.91 billion at the end of December 2024, backed by strong performance in the snacking, agri-business, as well as water and food segments.
Earnings per share (EPS) climbed to AED 0.35 last year from AED 0.33 in 2023.
Agthia's Egyptian businesses delivered 8.10% YoY revenue growth in AED terms, despite absorbing a negative impact of the EGP devaluation.
The dates business recorded an 11% growth in revenue. However, operational headwinds resulted in an oversupply position, leading to margin dilution, increased customer exposure risk, and an inventory write-down that impacted the segment's overall profitability.
The group indicated that some residual effects are expected to take place in the first half (H1) of 2025, adding that these setbacks are short-term and confined to the current crop season.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said: "While certain operational setbacks affected our performance this year, we are taking clear steps to address these areas and drive efficiencies.'
'With a focused approach, we are reinforcing our foundations and positioning the group for long-term value creation, reaffirming our commitment to stakeholders, and solidifying Agthia's leadership across the MENA region and beyond,' Al Suwaidi added.
Alan Smith, CEO of Agthia Group, highlighted: "While the dates business experienced operational headwinds, we have taken decisive measures to address these challenges.'
'In the broader context, the strength of Agthia's diversified portfolio continues to be demonstrated in our results, with strong contributions from the Water & Food and Agri-Business segments and our Egyptian platform,' Smith noted.
At the end of September 2024, Agthia Group recorded higher net profits at AED 254.93 million, compared to AED 205.55 million in the year-ago period.
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