Mubasher: Agthia Group reported preliminary unaudited results for the fiscal year 2016, achieving a year-on-year rise of 10% in net profit to AED 254.3 million, according to a recent statement.
Net revenues increased by 8% to total AED 2.01 billion, led by Agthia’s flagship water business.
“Despite economic headwinds, Agthia performed strongly in 2016 with our business strategy generating double digit profit growth underpinned by higher sales. While it is clear that the environment in 2017 will remain tough as we confront external cost challenges,” chairman of Agthia, Dhafer Al Ahbabi, said.
The UAE leading food and beverage group is pursuing a five-year strategy aimed at becoming one of the region’s leading food and beverage companies.
“The cornerstone of this strategy is expanding the Group’s water business. Accordingly, in 2016, the Group entered into a joint venture with Kuwait’s Al Wafir Marketing Services Company to establish a water bottling plant in Kuwait to produce Al Ain Water and signed a purchase agreement for a 100% stake in the water business of Delta Marketing Company, based in Jeddah, Saudi Arabia, which produces Al Ain brand water,” according to the statement.
