Increased quarterly earnings food group By 14% to 40 million dirhams, the results were slightly below expectations of 44 million dirhams.
For his part, the CEO of Agthia Group, Mubarak Al-Mansoori, said today, Wednesday, in an interview with Al-Arabiya, that the group’s revenues increased by 20% in the third quarter of 2022 and profits by 14. %, buoyed by the group’s recent acquisitions, enhancing its production capacity and increasing its portfolio. Consumer business accounted for more than 75% of the group’s total revenue and revenue growth of meat, snacks, refrigerated and snacks for the segment protein increased by 39%.
Mubarak Al-Mansoori added that all of this was supported by the corporate consolidation of the recent acquisitions of “Al-Nabil”, “Atyab” and “Al Foah”, which support the consumer sector and the group’s strategy in the Middle East, in particular that 50% of the company’s business is outside Jordan and “Al Foah” is expanding to more than 45 countries around the world, so the group’s current goal is to consolidate its business.
On the cost increase, Agthia Group’s chief executive said the cost increase has peaked in the past nine months and the group has launched a strategy to reduce costs by Dirhams 200 million within 5 years and now achieved a cost reduction of AED 110 million, which significantly contributed to the cost increase.
He explained that Agthia Group has distinguished relationships with all raw material suppliers through a long-term strategic relationship.
Al-Mansoori said Agthia is characterized by a strong and solid financial position, and repaid loans of more than AED 150 million in the third quarter of this year, which helped reduce total loans from 954 million to 780 million. dirham, making him more flexible in dealing with this problem.
