Agthia to distribute $17.7m interim cash dividends for H1
ABU DHABI, September 16, 2022
Agthia Group, one of the region’s leading food and beverage companies, has announced that said its shareholders have approved the board’s proposal for distribution of an interim cash dividends worth AED65.31 million ($17.7 million) for the six-month period ending on June 30, 2022.
The announcement was made following its General Assembly Meeting virtually.
Agthia recently posted strong H1 results with its revenues reaching AED2 billion, up 51% year-on-year.
The group net profit attributable to shareholders grew to AED118 million for the period, recording a 74% growth over to last year, thus reflecting the impact of the group’s recent acquisitions as well as its cost optimisation efforts as part of its five-year growth strategy.
In April 2021, as part of the launch of its 2025 strategy to become an F&B leader in the region and beyond, the group had adopted a semi-annual dividend policy, which aligns with its commitment to maximising shareholders’ returns.
The policy recognises the group’s growing scale and enhanced financial profile while maintaining the capacity to deploy capital through a disciplined M&A strategy.
Agthia recently announced an AED90 million investment in a manufacturing facility in Saudi Arabia to drive growth for its protein vertical and in response to strong demand from local customers.
Also, in July, the board had approved the acquisition of a strategic 60% stake in Auf Group, a specialised healthy snacks and coffee manufacturer and retailer in Egypt.-TradeArabia News Service
