PJSC (“Agthia” or “the Group”), one of the region’s leading food and beverage companies, held its General Assembly Meeting today, where shareholders attended both in person and online. In alignment with the Group’s semi-annual dividend policy, shareholders endorsed the board’s proposal for a dividend of 10.31 fils per share, totalling AED 85.7 million for the first half of 2024 which marks a 25% year-on-year increase, reflecting Agthia’s strong financial performance during the first half of the year.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, said “Agthia Group’s outstanding financial performance in the first half of 2024 reinforces our unwavering commitment to delivering sustainable value to our shareholders through a progressive dividend policy. We regard our shareholders as pivotal partners in our pursuit of sustained excellence, and, in acknowledgment of this vital partnership, we are committed to amplifying value through consistent enhancements to dividends. As we move forward, Agthia remains steadfast in our strategy to become a leading force in the MENA region and beyond by capitalizing on emerging opportunities within the dynamic F&B landscape.”
Alan Smith, Group Chief Executive Officer of Agthia Group, emphasized: “We are proud to deliver exceptional returns to our shareholders despite a challenging global environment. We have achieved strong organic growth and solid margin improvements, underscoring the resilience and agility of our business model. Looking ahead, our strategic focus is on driving growth through enhanced brand support, active innovation, and premiumization. Our robust financial performance reaffirms our ability to stay firmly on our strategic growth trajectory. We are confident that our strategy, portfolio, and capabilities are precisely aligned to achieve our 2025 objectives, rigorously upholding our ESG commitments, and maximizing value creation for all stakeholders.”
Agthia Group recently reported a strong fiscal performance in the six months ending on 30 June 2024, with Group net revenue growing over 14.7% year-on-year to reach AED 2.5 billion. Group EBITDA margin expanded 65bps to 15.1%, with strong growth in profitability across all segments. The Group also reported a growth in Group net profit margin of 98bps, bringing it to 7.5% surpassing guidance range. Agthia’s balance sheet remains robust with cash and equivalents of AED 0.4 billion and liquidity of AED 1.8 billion.
