Abu Dhabi – Mubasher: Agthia Group reported a 15.2% year-on-year drop in profits for the first quarter of 2019.
Net profits amounted to AED 39.9 million in Q1-19, compared to AED 47.1 million in Q1-18, according to a recent statement to the Abu Dhabi Securities Exchange (ADX).
“Our core businesses maintained their growth momentum in the first quarter despite persistent market challenges, especially in the UAE. We continue to achieve this success not only through the introduction of innovative new products but through successful diversification of our geographical penetration and product portfolio,” Dhafer Ayed Al Ahbabi, chairman of Agthia, said.
Total revenues increased by 3.4% to AED 507.6 million during the first three months of 2019, against AED 490.9 million in the same period of the previous year.
Agthia’s total assets went up 5.5% year-on-year to AED 3.126 billion by the end of March.
Earlier in 2019, Agthia launched 5 new products in response to consumer demand for innovation, particularly in terms of providing healthier and more functional options.
“Our financial strength remains solidly in place to allow us to face these challenges head-on, and to pursue our mission to become a regional leader in delivering the best quality, nutritious and responsibly produced products,” Tariq Ahmed Al Wahedi, CEO of Agthia, commented.
It is worth noting that Agthia’s net profits rose 2.1% year-on-year to AED 211 million in the full-year 2018.
