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Agthia posts Dh42m net profit

Khaleej Times 2020-07-29 20:01:55

Food and beverage firm, Agthia Group's, net profit in the first-half of 2020 nearly halved to Dh42 million.

The group posted net revenues of Dh1.09 billion during the January-June 2020 period, growing 2.6 per cent over the same period last year.

Total assets stood at Dh3.2 billion as of June 30, 2020, increasing 3.4 per cent versus year-end 2019 in tandem with the upsurge in cash balance and higher receivables following the sales tilt towards Modern Trade channel.

Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said that Agthia responded quickly to address the current market challenges by applying cost-cutting initiatives and re-allocating resources.

"With the company's recent appointment of a new board and its robust balance sheet, Agthia is set to embark on its next chapter while maintaining its unwavering commitment to grow shareholder value," he added.

Alan Smith, Agthia Group CEO, said: "In the face of challenges brought on by the Covid-19 pandemic, we have been quick to re-prioritise resources across the group's flexible supply chain to ensure business continuity and product availability at the right cost. This has resulted in positive revenue growth for Agthia and sustained market leadership in core categories."

waheedabbas@khaleejtimes.com