Food Group profits decreased by 32% to reach 27 million dirhams in the first quarter of 2020 compared to 39 million dirhams in the same quarter of 2019.
According to Al-Bayan, the group recorded revenues totaling 571 million dirhams, representing 12% growth compared to the same period in 2019.
The Group's agricultural business revenues recorded a value of 273 million dirhams, with a growth rate of 21% on an annual basis, as flour sales through retail channels not only maintained its leading position in the market, but also achieved significant significant growth, reaching 154 million dirhams, This is equivalent to a 52% increase compared to the same period last year.
This is mainly due to a marked increase in domestic demand and an increase in export sales, including the trade process that was completed by the World Food Program, in addition to an increase in trade. Wheat.
As for the Consumer Business Division of Foods, its revenues amounted to 298 million dirhams, reflecting a growth of 6% on an annual basis, as the net income of the food sector increased At a rate of 21% on an annual basis, driven by the Commercial Items Division, tomato paste and frozen foods in both the UAE and Egypt, coinciding with consumers' response to the prevailing health situation. The revenues of the water and beverage sector reached 216 million dirhams.
<5 dir = "rtl" style = "text-align: justify;"> The work of the 5-gallon water bottle distribution division has grown significantly in the homes and offices in the United Arab Emirates by 8% year on year, while the bottled water portfolio has maintained Its market leadership in terms of market share and value, at 29% and 26%, respectively.
Khalifa Al Suwaidi, Head of Investment Portfolios at ADQ Holding and Chairman of Agthia Group, commenting on these results: We look forward to strengthening an efficient food and beverage sector Effectively, Agthia Financial Group’s results for the first quarter of 2020 are evidence of the company’s strategy and its proactive response to challenging market conditions backed by a flexible supply chain and robust business strategy. In these exceptional circumstances, we reaffirm our commitment to support the vision of our rational government and to promote the welfare of people through our food products.
For his part, Eng. Jamal Al Dhaheri, Acting CEO of Agthia Group, said: We continue to maintain positive results with regard to basic categories such as food and flour, in addition to topping the quota. Marketability across major sectors such as water. This success is due to the many efforts made, including launching our strategic plans for running our business, and ensuring that all sales outlets in our community support department are stocked with an abundant supply of essential food and beverage products.
Al Dhaheri added: As for digital services, we have witnessed a successful launch of our 1971 application on the Internet, which includes all the products of the Community Support Department, which reflects the flexibility that it enjoys The group is ...
