Abu Dhabi – Mubasher: Agthia Group saw a 33.3% drop in its net profits to AED 26.637 million during the first quarter (Q1) of 2020, compared to AED 39.946 million in the same quarter of 2019.
The decline in net profits is attributed to 10.2% higher selling and distribution expenses to record AED 96.97 million in the first three months of 2020 from AED 87.98 million in the same three months of 2019.
The company's revenues increased by 12% year-on-year (YoY) to AED 570.897 million in Q1-20 from AED 507.580 million during the year-ago period, as shown by the company's consolidated financials for the period ended 31 March 2020.
The basic and diluted earnings per share (EPS) stood at AED 0.044 in the January-March period, versus AED 0.067 in the corresponding period of 2019.
It is noteworthy to mention that in 2019, the company's net profits fell to AED 137.026 million from AED 210.496 million in 2018.
