Agthia Group reports 14.7 per cent YoY net revenue Growth, 31.8 per cent YoY net profit growth during H1 2024

Group net profit grew 31.8 per cent year-on-year to AED 190.0 million during H1 2024, with net profit margin standing at 7.5 per cent, reflecting a 98bps expansion, notwithstanding FX headwinds and the introduction of income tax in the UAE. The Group net revenue rose by 14.7 per cent YoY to AED 2.5 billion.

In line with the Group's semi-annual dividend policy, Agthia's board of directors has recommended the distribution of AED 85.7 million as an interim cash dividend (equivalent to 10.31 fils per share). This represents a 25 per cent year-on-year increase. The dividend payment is subject to shareholder approval at Agthia's next AGM.

Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: "Agthia continues to deliver strong performance, solidifying our growth momentum in the first half of the year. Our unwavering commitment to strengthening our business and achieving our long-term goals remains clear. This quarter's results underscore our resilience and strategic focus on driving sustainable value across our diverse portfolio. Going forward, we are well-positioned to seize opportunities in the MENA region and beyond, leveraging our strengths in innovation, digitalization, and operational excellence."

Alan Smith, Group Chief Executive Officer of Agthia Group, commented: "Agthia delivered solid top and bottom-line results in the first half of the year, reaffirming our ability to navigate effectively challenging and dynamic operating environments. Our teams maintained their focus and agility in the execution of our long-term growth strategy, and we continue our efforts to drive sustainable long-term growth by investing in our brands, capturing synergies and driving efficiency gains." (ANI/WAM)