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Agthia Group announces 45% of its growth in H1 2024 came from innovation
Agthia Group PJSC (“Agthia” or “the Group”), one of the region’s leading food and beverage companies, announced that 45% of its growth in H1 2024 came from innovation.
Announcing the group’s results for the six-month period ending 30 June 2024, Agathia Group’s net revenue increased 14.7% year-on-year to AED 2.5 billion (11.2% growth from volume and 3.5% from pricing). Excluding AED 120 million one-off wheat trading sales in Agri-Business recorded in Q1 2024, the year-on-year net revenue growth was 9.3%. This was primarily driven by a continued shift of the Group’s product portfolio towards higher growth segments in key target markets, along with innovations.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Agthia continues to deliver strong performance, solidifying our growth momentum in the first half of the year. Our unwavering commitment to strengthening our business and achieving our long-term goals remains clear. This quarter’s results underscore our resilience and strategic focus on driving sustainable value across our diverse portfolio. Going forward, we are well-positioned to seize opportunities in the MENA region and beyond, leveraging our strengths in innovation, digitalization, and operational excellence.”
Alan Smith, Group Chief Executive Officer of Agthia Group, commented: “Agthia delivered solid top and bottom-line results in the first half of the year, reaffirming our ability to navigate effectively challenging and dynamic operating environments. Our teams maintained their focus and agility in the execution of our long-term growth strategy, and we continue our efforts to drive sustainable long-term growth by investing in our brands, capturing synergies and driving efficiency gains. In early July, we officially launched our state-of-the-art protein facility in Jeddah, solidifying our position and establishing one of the key growth drivers for Agthia in the largest market in the GCC. The results of the first half of the year build a strong foundation for Agthia, and we reiterate our full-year guidance. We are also pleased to confirm our first interim dividend payment, intending to return approximately AED 85.7 million to shareholders in September 2024.”
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