Agthia Group Shareholders Overwhelmingly Approve AED 65.31 Million Interim Dividend for H1 2023
Agthia Group PJSC, a prominent player in the food and beverage industry in the Middle East and North Africa (MENA) region, convened its annual general assembly today, conducting the proceedings virtually.
During this pivotal meeting, Agthia Group shareholders gave their resounding endorsement to the Board’s proposal for an interim cash dividend of 8.25 fils per share, amounting to a substantial AED 65.31 million in total, for the first six months of 2023, which concluded on June 30th.
Khalifa Sultan Al Suwaidi, the Chairman of Agthia Group, expressed his satisfaction, saying, “Our decision to declare this interim dividend is a testament to Agthia’s unwavering financial stability and its capacity to generate substantial cash flows. It also underscores our profound belief in the company’s promising growth trajectory as we pursue our strategic goal of becoming a leading food and beverage entity, not just in the MENA region but also on a global scale.”
Alan Smith, the CEO of Agthia Group, joined in, affirming, “The remarkable performance Agthia exhibited in the first half of 2023 underscores our ability to strategically consolidate value-adding businesses and harness synergies, all while maintaining a profitable core. Our robust cash generation allows us to expedite investments in expanding capacity, ensuring sustainability, and achieving digital excellence, thus safeguarding our future growth and delivering compelling returns to our valued stakeholders.”
Agthia Group had recently disclosed impressive financial results for the initial half of 2023. These results included a notable 10.3 percent year-on-year increase in Group Net Revenue, which reached a commendable AED 2.2 billion. The growth was further fueled by an 18.3 percent surge in EBITDA, supported by enhanced profit margins in Snacking, Protein, Water, and Food segments. Additionally, the Group witnessed a substantial 6.6 percent boost in net profit. Furthermore, Agthia Group’s balance sheet remained strong, boasting AED 0.6 billion in cash and equivalents and a substantial AED 2.0 billion in liquidity.
These exceptional financial outcomes underscore the company’s unwavering commitment to delivering value to its shareholders while positioning itself as a leader in the ever-evolving food and beverage landscape of the MENA region.
Agthia Group, which has made substantial strides in various sectors of the food and beverage industry, remains dedicated to exploring new avenues for growth and innovation. The approval of the interim dividend is not just a token of appreciation for its shareholders but also a testament to its resilience and determination to continue its journey towards becoming a global frontrunner in the industry.
As Agthia Group continues to chart a path towards excellence and expansion, shareholders can confidently look forward to a future characterized by sustained profitability, robust financial performance, and the realization of the company’s ambitious strategic vision.
