The company said following its annual general meeting, which was attended by shareholders in person and electronically, that this 25 percent increase in distributions on an annual basis reflects the group’s strong financial performance during the first half of the year.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “The strong financial results achieved by the Group in the first half of 2024 reflect the fruits of our tireless efforts to create sustainable added value for our shareholders through our continuous dividend policy. We consider our shareholders to be essential partners in our journey towards sustainable excellence. In appreciation of this important partnership, we are committed to enhancing value through continuous improvement in cash dividend distributions.”
In this context, Alan Smith, Group Chief Executive Officer, said: “We are proud to have delivered exceptional returns to our shareholders despite a challenging global environment. We have achieved strong organic growth and significant increases in profit margins, reflecting the resilience of our business model and its ability to adapt to different circumstances.”
And it was Food group Recently announced a strong financial performance for the six months ended 30 June 2024, with the Group’s net revenue increasing by over 14.7 per cent year-on-year to AED 2.5 billion. EBITDA margin grew by 65 basis points to 15.1 per cent with strong profitability growth across all segments. The Group also reported a 98 basis point growth in the Group’s net profit margin to 7.5 per cent, ahead of guidance. Agthia Group’s balance sheet remains strong with cash and cash equivalents of AED 0.4 billion and liquidity of AED 1.8 billion.
