Amira Nature Foods has raised its full-year sales and EBITDA forecasts after seeing net earnings double in the first nine months of the financial year.
The UAE-based rice group said profit after tax in the nine months to 31 December climbed to US$21.4m, up 98.8% from $10.7m in the comparable period of 2012. EBITDA increased 35.8% to $46.2 millionm, compared to $34m in the prior year.
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Gains were driven by strong sales growth in the period. Revenues rose to $360.8m, up from $273.4m last year. Chairman and CEO Karan Chanana said sales were underpinned by “increasing demand for our premium products” and the group’s expanding product line.
“Based on our year-to-date performance and outlook for the final quarter, we remain confident in our ability to deliver a record year in fiscal 2014 and are raising our annual revenue and EBITDA guidance,” Chanana said.
The company raised its sales and EBITDA outlook to ranges of $507-517m and $66-68m respectively.
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