Agthia makes a profit of 84 million AED in 6 months

The Agthia group's turnover reached AED 1.06 billion in the first half of 2018, up 5.4% from the first half of 2018 and generated a net profit of AED 84 million, while the Business rose 5.4% to 1.06 billion USD. .

Agthia Group Managing Director, Tarek Ahmed Alwahidi, attributed this sales increase to good growth in the water, beverage and food sectors, as well as strong growth in international business units. the society.

Al-Wahidi revealed that the group had increased the number of countries where it currently exists to 7 countries instead of six after the actual start of the Al Ain water plant in the Iraqi capital , Baghdad, and is currently planning to enter the markets of at least four new countries in East Africa and Southeast Asia.

He pointed out that the group's international activities currently account for 25% of its business volume.

He said: "We have a new plan to invest more than two billion dirhams in the Saudi and Egyptian markets in the coming period."

Tarek Al-Wahidi revealed that the group is currently developing significantly in the Egyptian market, stressing that it now ranks as the third largest food company in the Egyptian market and plans to double its investments in Egypt. . He believes that the Egyptian market is full of huge investment opportunities, especially after the improvement of the situation Most of the difficulties of the group had already disappeared.

He pointed out that the volume of investments of the Group in Egypt currently amounted to 100 million dirhams, stressing that this amount would multiply several times during the period to come, said: "The volume of 39, business in Egypt grew by 39% last year and will double this year, the group intending to increase its investment In the Saudi and Kuwaiti markets, it now ranks among the top five large companies in the food and beverage sector in Kuwait. "

The group will soon announce large-scale acquisitions in the region, he said, stressing that he was carefully considering capitalizing on investment opportunities, saying the group would pursue its expansion strategy. and diversification of its portfolio after playing a vital role in the growth of revenue during the first half of this year.

Cost improvement

"Thanks to our ability to cope with adverse market conditions and our cost optimization, we have been able to minimize the various consequences of the complete elimination of subsidies in the bakery sector, the rising costs of raw materials and the average price of bottled water, "he added.

Financial flexibility

Agthia Group Chairman Zafer Ayed Al Ahbabi said the group has proven its financial resilience despite the market's challenges, in the pursuit of growth in its turnover and the protection of its profits. Total badets of the group amounted to AED 3.1 billion as of June 31, a growth of 5.6% over last year.