Emirati agthia group achieved a net profit of 10 million dirhams by the end of the first nine months of the year. Excluding the impact of exceptional adjustments and allocations, the net profit is 92 million dirhams to date.
The company said in a statement to the Abu Dhabi Securities Exchange, today, Sunday, that the group made strategic decisions during the third quarter of this year aimed at improving the quality of its profits in the long term. And strengthening its financial position.
and she explained that as a result, additional allocations of 59 million dirhams were recorded during the third quarter, in addition to the provisions that were previously recorded during the year, bringing their total to 82 million dirhams. .
The group's net revenues in the third quarter of this year amounted to about 492.1 million dirhams, an increase of 1.2% on an annual basis.
This increase raised the group's net revenues to 1.58 billion dirhams during the first nine months of this year, equivalent to a growth of 2.2% compared to the same period in 2019. < / p>
and the total assets of the group as on September 30, 2020, amounted to about 3.2 billion dirhams, an increase of 2.7% compared to the end of 2019, in parallel with the increase in the cash balance, while it reached Shareholders' equity in the group is 1.9 billion dirhams for this period.
said Khalifa Sultan Al Suwaidi, Chairman of Agthia Group and Chairman of Investment Portfolios at ADQ: The group has introduced and developed new departments and divisions specialized in marketing, consumer business and mergers. And acquisitions aimed at expanding the spread of our products in the domestic and international markets and adopting a sound approach to steer the inorganic growth agenda.
Al-Suwaidi added: This step comes as a continuation of the bold steps taken by our team at all levels, in support of Agthia’s firm commitment to maintaining its leadership across many basic categories and varieties. To protect the interests of its shareholders.
Alan Smith, Group CEO stated: The management decided to adopt a prudent policy aimed at encouraging cost-rationalization initiatives across the Group's operations and supply chain management and taking the lead in recording and listing All the necessary allocations to improve the quality of profits in the long term, and we are confident that our renewed strategy at the regional level, will be a major driver of our new business goals and directions.
