RIYADH: UAE food giant Agthia Group reported a revenue increase of 20 percent 954 million dirhams ($260 million) during the third quarter of 2022, compared to the same period last year.
This comes following the consolidation and integration of recent acquisitions.
The food firm’s net profit was up 14 percent compared to the same period last year, to reach 40.5 million dirhams.
“Agthia’s strong third quarter performance demonstrates management’s proven ability to acquire and consolidate value accretive businesses while leveraging synergies and maintaining a profitable core,” Khalifa Sultan Al Suwaidi, Chairman, said.
In July, Agthia received its board’s approval to acquire 60 percent of Egyptian coffee maker Auf Group as it expands its footprint in the north African country.
Auf Group’s founders will retain a combined stake of 30 percent in the business and continue to lead the company with the full backing of Agthia’s regional footprint and operational support, according to a statement.
“As part of our strategy to stimulate growth and enhance our operations, we are focused on expanding Agthia’s footprint in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region,” Chairman Khalifa Sultan Al Suwaidi said.
He added: The acquisition of Auf Group is a compelling opportunity to bolster our delivery of this commitment while further penetrating one of the region’s fastest-growing consumer markets.”
Last year, Agthia also acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry.