UAE-based food and beverage firm Agthia Group has booked a rise in first-quarter earnings, despite a decline in profitability at its consumer business.
Agthia said net profit rose by almost one-third in the three months to the end of March. Gains were driven by “higher net sales and an overall improvement in margins”, the company said. Sales increased 8% in the period.
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However, profitability at the firm’s consumer business – which consists of food and bottled water – was down 19%. Food sales rose 11% but the unit saw a loss of AED7.1m due to higher marketing and distribution costs in dairy.
Agthia’s business includes the local distribution of yoghurt brand Yoplait.
