Agthia Group revenues rise to AED3 billion in 2021

Agthia Group revenues rise to AED3 billion in 2021

WAM: Agthia Group announced that the Group’s net revenue reached AED3.07 billion for 2021, equivalent to 49 percent year-on-year growth compared to the same period last year, following the consolidation and integration of key acquisitions into the business.

The Group’s net profit stood at AED216 million compared to AED34 million in the previous year, in which AED83 million of one-off costs were incurred as a result of a strategic review of the Company’s balance sheet.

The substantial improvement to net income was underpinned by the addition of Al Foah, Al Faysal Bakery, Nabil Foods, and Atyab alongside key cost optimisation initiatives and pricing that mitigated the impact of higher raw material costs and additional M&A related fees.