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FINANCIAL NEWS
UAE’s Agthia’s 2011 profit down 25%
29 Mar 2012
(MENAFN) UAE’s Agthia Group said that profit for last year fell 25 percent from a year earlier to USD23.41 million, reported Emirates 24/7.
The company, one of the country’s main food and beverage firms, added that net sales in the period jumped 14 percent from 2010 to USD310 million, adding that net sales of the Consumer Business Division (CBD) increased 18 percent to USD102.61 million, whereas sales of Agri Business Division (ABD) rose 12 percent to USD208.92 million.
On the other hand, it said that it would continue to tackle the challenge of growing input costs through following cost savings initiatives, pricing opportunities, and speeding up entry into new categories.
It is worth noting that in December 2011, the company announced the purchase of Turkish Pelit Su; the natural spring water bottling plant, and has completed 100 percent equity acquisition this month.
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