The Emirati Agthia Group has completed the acquisition of a majority stake in the Ismailia Agricultural Investment Company Atyab, which is engaged in the production of frozen meat and poultry in Egypt.
According to Arabiya Net, the group said in a statement that, through this transaction, it acquired a majority stake of 75.02% of Atyab Company.
Agthia stated that Atyab's founder, Raslan, will retain a stake in the company, continuing his career in growing the business backed by Agthia's financial strength, wide regional reach and experience in the sector.
This deal is an extension of its expansion in the frozen meat sector after its recent acquisition of Al-Nabil Food Industries in Jordan, and the deal will contribute to consolidating the regional leadership of the group in the meat sector The growing company in the Middle East and North Africa region, by providing new sources of revenue, benefiting from the integration of costs and revenues, enhancing its regional expertise, expanding its product portfolio, in addition to improving financial performance and increasing profits.
For his part, Food Group CEO Alan Smith said the deal cements our leadership position in the frozen meat sector and helps reach our products to millions of new consumers in one of the fastest growing economies. growth in the Middle East and North Africa region.
He continued: We affirm our commitment to continue developing the company's business and brand in line with our plans to expand our product portfolio and enhance our capabilities in the field of distribution, as Egypt is a key market to stimulate the growth of the group.
Smith stated that Agthia Group will continue to seize any new opportunities for growth and expansion in order to achieve our strategy of establishing Agthia Group as the leading food and beverage group in the Middle East and North Africa and beyond by 2025.
Atyab's portfolio includes four brands, providing a wide range of products to serve different audiences in the Egyptian market.
The annual production capacity of the Egyptian company is approximately 70,000 tons through a number of facilities and production lines, including a factory with an area of 60,000 square meters.
Atyab achieved remarkable revenue growth at a compound annual rate of approximately 28% between 2016 and 2020, with strong profit margins in 2020 of approximately 19% Before calculating interest, tax, depreciation and amortization, the company achieved net revenues of 424 million dirhams in 2020, and profits of 79 million dirhams before interest, tax, depreciation and amortization.
