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FINANCIAL NEWS
UAE- Agthia posts 38% jump in H1 profit
27 Jul 2012
(MENAFN) Agthia Group’s CEO, Ilias Assimakopoulos, stated that the company’s first-half net profit jumped 38 percent from a year earlier to USD15.24 million, reported Emirates 24/7.
Assimakopoulos said that during the period, the company, one of the UAE’s leading food and beverage groups, focused on expanding its core businesses and boosting penetration and distribution of its recently introduced products.
He added that net profit of Agthia’s Agri Business Division (ABD) went up 13 percent to USD115.95 million, boosted by a 14-percent rise in volume.
Moreover, sales of the firm’s Consumer Business Division (CBD) grew 19 percent to USD58.79 million; however, net profit fell by 4 percent to USD3.83 million.
It is worth noting that Agthia’s total sales during the January-June period were up by 15 percent, reaching USD174.74 million.
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