The Group recorded revenues amounting to 571 million dirhams, representing 12% growth compared to the same period in 2019.
The revenue of the Group’s agricultural business division amounted to 273 million dirhams, with a growth rate of 21% on an annual basis.
Flour sales through retail channels not only maintained their leading position in the market, but also achieved remarkable growth, reaching 154 million dirhams, which is equivalent to an increase of 52% compared to the same period last year.
This is mainly due to a marked increase in domestic demand and an increase in export sales, including the trade process that was completed by the World Food Program, as well as an increase in wheat trade.
As for the food business division of Agthia, its revenues reached 298 million dirhams, reflecting a growth of 6% on an annual basis.
The net revenue of the food sector increased by 21% year on year, driven by the Commercial Items Division, tomato paste and frozen foods in the United Arab Emirates and Egypt, coinciding with the response of consumers to the prevailing health situation.
The revenues of the water and beverage sector reached 216 million dirhams, and the works of the 5-gallon water bottles distribution division in the homes and offices in the United Arab Emirates have grown significantly by 8% on an annual basis, while the bottled water portfolio has maintained its leadership in the market in terms of market share, value and It is 29% and 26%, respectively.
Commenting on these results, Khalifa Sultan Al Suwaidi, Head of Investment Portfolios at ADQ Holding, Chairman of the Board of Directors of Agthia Group, said, “As we look forward to enhancing an efficient and effective food and beverage sector, the results of the Financial Group for the first quarter of 2020 are the best proof. The company’s strategy and proactive response to challenging market conditions is supported by a flexible supply chain and robust business strategy. ”
He added: “During these exceptional circumstances, we affirm our commitment to support the vision of our rational government and to promote the welfare of people through our food products.”
Eng. Jamal Salem Al Dhaheri, Acting CEO of Agthia Group said: “We continue to maintain positive results regarding key categories like food and flour, in addition to leading the market share across key sectors such as water.”
He added: “This success is due to many efforts made, including launching our strategic plans to run our business and ensuring that all sales outlets in our community support department are stocked with an abundant supply of basic food and beverage products.”
Al Dhaheri pointed out: “As for digital services, we have witnessed a successful launch of our application on the Internet” 1971 ”, which includes all the products of the Department of Community Support, which reflects the flexibility that the group enjoys, especially in such circumstances in order to enable our customers to order our products easily while they are in their homes. .
He stressed: “We have increased the stockpiles of drinks and basic food products and expanded the home delivery service in order to provide the best services to the community.”
Agthia started in 2020 by continuing to focus on the issue of sustainability by launching the first 100% water bottle extracted from plants in the region, which is the “Al Ain Vegetable Water Bottle”.
It has also started its efforts to collect and recycle polyethylene terephthalate (PET) in cooperation with Veolia, the world leader in optimal resource management.
The announcement of the results of “Foods” for the first quarter of 2020 follows the conclusion of its fifteenth annual general assembly held in Abu Dhabi on April 16, 2020 electronically via video technology, during which shareholders agreed to distribute 15% cash dividends at an amount of 90 million dirhams. A new board of directors has been elected for the coming period.