Agthia Group, a leading food and beverage company, has announced robust financial results for the first half of 2024, with 14.7% year-on-year (YoY) net revenue growth and a 31.8% YoY increase in net profit. The company achieved AED 2.5 billion in revenue, driven by strong performance across all segments, particularly in Snacking and Agri-Business. Agthia also reduced CO2 emissions by 7.6% and proposed a 25% increase in interim dividends. The group maintains its full-year guidance, reflecting confidence in sustained growth.
Agthia’s Snacking segment led revenue growth with a 19.5% YoY increase, fueled by the expansion of its premium-branded coffee segment in Egypt and innovations in the dates category. The Protein & Frozen segment also showed resilience with a 7.2% revenue increase, despite currency challenges in Egypt. The new protein manufacturing plant in Jeddah is expected to further boost this segment. Meanwhile, the Water & Food segment saw a 4.0% YoY revenue growth, supported by the continued leadership of Al Ain bottled water in the UAE.
Agthia’s commitment to sustainability is evident in its 7.6% reduction in CO2 emissions. The group also invested in innovation, contributing to 45% of its growth in H1 2024. Key innovations included the launch of new products in the Snacking, Protein, and Agri-Business segments.
The company’s balance sheet remains robust, with strong liquidity and a net debt to EBITDA ratio of 1.6x. Agthia’s board has recommended a 25% increase in interim cash dividends, reflecting confidence in the group’s ongoing strategic initiatives and growth potential. The group is on track to meet its full-year 2024 guidance, targeting 10-12% revenue growth and further profitability improvements.