By: Ramy Sameeh
Abu Dhabi-Mubasher: Agthia Group is expected to see growth in sales and profits this year, the group’s Chariman Dhafer Ayed Al Ahbabi said.
“We target to increase revenues in the coming years to reach more than $1 billion by 2020,” Al Ahbabi added on the sidelines of the ordinary general meeting.
We reviewed our business strategy over the past year, he said, adding that a new strategy will be adopted in the coming five years.”
The group is working on expanding its business in the Omani market, as a prelude to further growth in the future.
In October 2015, Agthia Group signed an agreement to acquire Oman-based Al Manal Purification and Bottling Mineral Water.
Agthia’s business in Egypt was affected by the recent devaluation of the Egyptian pound and competition from cheap Chinese products, Al Ahbabi said.
The Central Bank of Egypt (CBE) devalued the Egyptian pound by 112 piasters against the U.S. dollar.
“The group is underway to increase its storage capacity to reach 50,000 tonnes by the second quarter of 2017,” he said.
The second production line of Al Ain Water will raise the group’s production capacity by 40%, with operations expected to start by April.
