Agthia's H1 net profit up 94%

Agthia Group, a leading Abu Dhabi based food and beverages group, has announced its 2008 first half financial results, reporting a growth of 94 per cent in net profit driven by high sales over the same period last year.

According to the company, which is listed on Abu Dhabi Securities Exchange (ADX) with a market cap of $400 million (Dh1.5 billion), first half sales grew to Dh385m from Dh267 million, representing a growth of 44 per cent over the same period last year, with the second quarter sales alone reaching Dh199m.

"Our second quarter performance builds upon the momentum of the past few quarters across the business. We have seen solid growth in sales across segments, alongside improvements in margins that have resulted from a number of decisions that management has taken," CEO Ilias Assimakopoulos told a press conference while announcing the results.

"The results for shareholders speak for themselves, and underline our commitment to profitably grow the business ahead of the industry average.

"Ultimately, we aim to become the best food and beverage company of the UAE from a financial, operational and brand perspective," he said.

Assimakopoulos said the first half net profit reached Dh38 million, representing an increase of 94 per cent compared to the same period last year, with the second quarter net profit alone reaching Dh19 million (86 per cent up on the same period last year).

Chairman Rashid Mubarak Al Hajeri, commenting on the results in a message, said: "We are exceptionally pleased with these strong results for Agthia in the first six months of 2008, especially given the current challenging environment in the global food and beverage industry.

"The results, both financially and operationally, are testament to the management team's development and successful implementation of the company's Financial and Strategic Turnaround initiatives."

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