Agthia first quarter profit jumps 22 per cent

Abu Dhabi-based Agthia reported an increase in profits for the first quarter driven by higher sales across its agri business and consumer divisions.

Its net profit rose 22 per cent to Dh59.2 million as sales grew 11 per cent year-on-year to Dh434.9m.

The agri business division reported a 12 per cent higher net profit of Dh65.9m on the back of greater demand for the animal feed.

The division also manufactures and distributes Grand Mills flour, which added customers in the Northern Emirates as it expanded its retail offering. The company is increasing its poultry feed production capacity that is expected to be operational in May, increasing the current capacity by 13 per cent.

It is also installing a new packaging line to ramp up its retail presence and is expected to start production next year.

The consumer business division recorded a net profit of Dh10m for the quarter, a 32 per cent increase year-on-year, as net sales reached Dh158.9m, a growth of 22 per cent during the same period.

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