Abu Dhabi: Agthia Group PJSC, the leading food and beverages company, Wednesday announced that its Board of Directors has approved a strategic acquisition of a majority stake in Ismailia Investments (Atyab), an Egyptian producer of frozen processed chicken and beef products.
Ismailia Investments has a portfolio of four brands – Atyab, Meatland, Shiketita and Furat – catering to the value, economy and premium segments of the Egyptian market. It has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000 sqm manufacturing facility.
“This acquisition is a continuation of our strategy to position Agthia as the leading FMCG player in the MENA region. Egypt is a key growth market for Agthia, and Atyab operates in a sector that is fast-growing and attractive. We are confident that this transaction will create new opportunities for Agthia and deliver enhanced value for our shareholders,” said Khalifa Sultan Al Suwaidi, Ch
Dubai: Abu Dhabi’s Agthia Group – one of the largest F&B businesses in the region – recorded ‘normalised’ net profits of Dh117 million for 2020.
This excludes the Dh82 million in one-off gains the group recorded in the first nine months as part of a “strategic review”. Last year saw major changes within Agthia, which bought businesses in Kuwait and Jordan, and merged Al Foah, the world’s largest date processing company, into its fold. 16.5fils Dividend proposed by Agthia Board for 2020, which is a 10% increase on 2019. Dividends will now be paid semi-annually
Revenues touched Dh2.06 billion, a 1.1 per cent gain over 2019. “We remained agile and resilient to counteract potential setbacks,” said Alan Smith, CEO. “We adopted a prudent policy to improve supply chain and delivery, and following a strategic review, we decided to move Agthia more into the consumer product space.
Dubai: Abu Dhabi Agthia Group will own 80 per cent in Jordan Nabil Foods, one of the biggest names in the region for frozen foodstuff. This includes the 60 per cent Agthia will pick up from another Abu Dhabi entity, ADQ, for Dh394 million.
All of the regulatory approvals have been received for the deal to proceed, which was first announced last month. Agthia has in recent months been busy with acquisitions and mergers, including that done with Al Foah - the world s biggest dates processing company. As for Nabil Foods, its products are distributed in more than 20 markets.
“This acquisition will be a key part of Agthia’s growth plans, providing us with presence in Jordan for the first time while contributing to a stronger financial profile, wider regional access, enlarged asset base, and enhanced financial performance and profitability,” said Alan Smith, CEO of Agthia Group.
Dubai: The Abu Dhabi headquartered F&B giant, Agthia, recorded net profits of Dh34.5 million for 2020, derived from Dh2.06 billion in revenues. For 2019, the company had a net profit of Dh137 million on Dh2.04 billion in revenues.
The numbers were driven by its consumer business, which made up 55 per cent of turnover. The food division also recorded gains, especially in the UAE and Egypt. It was in 2020 that Agthia - which owns the ‘Al Ain’ and ‘Al Bayan’ water brands - went through a series of consolidation and acquisition moves, as part of a strategy adopted by its parent entity ADQ.