UAE-based food and drink firm Agthia Group has reported higher annual sales and profits.
Net profit rose 20% year on year to AED231m (US$62.9m). The firm said this was attributable to higher sales and improved gross profit margin on the back of improved sales mix, competitive procurement and cost-saving initiatives.
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Operating income increased to AED235.8m from AED195m.
Net sales increased 13% to AED1.87bn driven by a 23% growth in sales in its consumer business arm.
Agthia has operations in processed fruits and vegetables, dairy and frozen baked products. It also produces Al-Ain Foods frozen vegetables. The company owns the distribution rights to brands including Yoplait for the GCC countries.
According to a report from Reuters, Agthia is planning to invest in Saudi Arabia. A spokesperson declined to comment at the time of the report when approached by just-food as the business was in its close period.
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By GlobalData
