Agthia Group shareholders approve 15% cash dividend

ABU DHABI, (Pakistan Point News - 19th Apr, 2020) Shareholders of Agthia Group PJSC During the AGM, shareholders approved a cash dividend of 15 percent for an amount of AED 90 million during the 15th Annual General Meeting on Thursday, April 16th, which was held virtually over video conference.

Among other approved agenda items, Agthia announced election results of its board. The Group’s board members now include, Khalifa Sultan Al Suwaidi, Salmeen Obaid Alameri, Khamis Mohamed Al Shamsi, Khalaf Abdulla Alhammadi, Gianluca Fabbri, Saifuddin Rupawala, and Gil Adotevi.

Agthia Group previously reported net profit stood at AED 137 million, and net revenues of AED 2.04 AED billion. A 2 percent year-on-year growth in revenue driven by geographic expansion and product category diversification.

Eng. Dhafer Ayed Al Ahbabi, Agthia Group Chairman, said, "Agthia’s 2019 financial results are a positive indicator of the Group’s relentless ability to preserve leading market share and post an increase in revenues, despite a rather challenging year across the region.

This is a testament to the Group’s resilience and its strength to uphold shareholder confidence, while continuing to align with the economic diversification agendas of the UAE and the foreign countries in which we operate in."

Eng. Jamal Salem Al Dhaheri, Agthia Group Acting CEO, said, "Our revenue growth demonstrates Agthia’s strength, led by our diversified product portfolio and increase in geographic footprint. Despite competitive and aggressive activity in various segments, we continue to lead the market share against a backdrop of price promotions and changing consumer habits."

Al Dhaheri added, "Our continued cost optimisation efforts across the entire business and our focus on innovation is part of our commitment to sustainable revenue growth and remains our priority by providing our consumers with trusted quality foods, animal feed and beverages."