Agthia Group PJSC, a leading food and beverage company in the region, has announced its preliminary unaudited financial results for the fiscal year ending December 31, 2023. The group posted a 12.1% year-on-year revenue increase, reaching AED 4.6 billion, exceeding its full-year guidance of 10–12%.
Strategic Focus Drives Growth
This exceptional performance is credited to Agthia’s strategic shift toward high-growth product segments across its key markets. The company has focused on innovation and premiumization, which contributed significantly to its strong revenue results.
Snacking Leads the Way
The snacking segment emerged as the fastest-growing vertical, recording a remarkable 38.0% year-on-year increase. This growth was largely driven by strong demand for date-based products and innovative packaging solutions.
Solid Performance Across Other Segments
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Agri-business: Showed a solid 19.9% year-on-year revenue growth.
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Water & Food: Delivered a 6.0% year-on-year increase, driven by premium offerings in the UAE.
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Protein & Frozen: Maintained stable performance despite macroeconomic challenges.
Strong Profitability and Margins
Agthia’s EBITDA rose by 21.1% year-on-year to AED 689 million. The EBITDA margin expanded by +113 basis points, reaching 15.1%, above the expected range of 40–60 basis points.
The group’s underlying net profit also increased by 25.5% year-on-year to AED 342.2 million, while the net profit margin improved to 7.5% (+80bps).
Solid Financial Position
As of December 31, 2023, Agthia’s total assets stood at AED 6.6 billion, with shareholders’ equity reaching AED 2.9 billion, reflecting the company’s solid financial foundation.
Leadership Comments
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, expressed confidence in the group’s ability to maintain profitability and strengthen its market leadership. CEO Alan Smith praised the company’s workforce and reaffirmed Agthia’s vision to become a regional food and beverage leader across the MENAP region.
