by: TN Media News: Agthia Group PJSC, a leading regional food and beverage company, has announced its preliminary and unaudited results for the fiscal year ending 31 December 2023. The group reported a 12.1% year-on-year increase in net revenue to AED 4.6 billion during FY’23, surpassing the full-year guidance range of 10-12%. This growth was supported by a strategic shift in the product portfolio towards higher growth segments in key markets.
Snacking emerged as the top-performing vertical with a 38.0% year-on-year growth, contributing significantly to the overall revenue. Like-for-like (LFL) revenue growth stood at 5.7% year-on-year, driven by strong performances in the Agri (+19.9% YoY) and Water & Food (+6.0% YoY) segments.
EBITDA for the period rose by 21.1% year-on-year to AED 689 million, with the EBITDA margin expanding by +113bps to 15.1%, exceeding the guidance range of 40-60bps. The group’s underlying net profit grew by 25.5% year-on-year to AED 342.2 million, with a net profit margin of 7.5%, up by +80bps.
Snacking revenue saw substantial growth of 38.0% year-on-year, driven by strong performance in the snacking portfolio, particularly in date products and packaging innovations. Water & Food revenue increased by 6.0% year-on-year, led by premiumization and innovation in the UAE market. The Protein & Frozen segment demonstrated resilience amid challenging macroeconomic conditions, while the Agri-business segment reported a strong revenue growth of 19.9% year-on-year.
Agthia Group’s total assets stood at AED 6.6 billion as of 31 December 2023, with total shareholders’ equity of AED 2.9 billion.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, expressed confidence in the company’s ability to maintain profitability and solidify its position in key market segments. Alan Smith, Chief Executive Officer of Agthia Group, commended the efforts of the company’s employees and reiterated the group’s commitment to becoming a leading food and beverage company in the MENAP region and beyond.
