Agthia Group generated sharply higher profits as it improved margins and sales soared in the UAE.
The Abu Dhabi-based food group, best known for its Al Ain mineral waters and also owning distribution rights to brands including Chiquita and Capri-Sun, had substantial sales last year.
Agthia made profits for the year of Dh124.7 million (US$33.9m), an increase of 44.5 per cent compared with a year earlier.
The company's brands were helping it to generate substantial sales growth in the UAE, said Iqbal Hamzah, the company's chief financial officer, in a statement to the Abu Dhabi Securities Exchange.
"The strong performance is led by the 26 per cent sales growth in the consumer business division (UAE) and the 11 per cent growth in flour and animal feed," he said.
Profitability also improved as a result of falling grain prices and more competitive procurement, with production capacity increases at flour and feed mills. Agthia also embarked on cost-cutting.
Sales last year grew to Dh1.3 billion, 15.9 per cent up on a year earlier. Agthia also completed the acquisition of Pelit Su, a Turkish spring water company.
The company restructured its Egyptian operations, where a combination of domestic unrest and a lower-than-expected tomato and chilli harvest hit sales.
Agthia is 51 per cent owned by Senaat, formerly known as General Holding Corporation. The company's shares advanced 0.9 per cent on the ADX yesterday to Dh2.15, compared with a 1.1 per cent gain on the wider index.
Other producers of staple foodstuffs have also reported strong earnings. Saudi Arabia's Savola Group, a manufacturer of sugars and edible oils, reported 16.7 per cent growth in net profits last year to 1.4bn Saudi riyals (Dh1.37bn) as sales grew by 8.7 per cent.
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Rescue Animals in Need United Arab Emirates
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
