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RIYADH: Agthia Group, a leading Abu Dhabi-based food and beverage company, on Monday announced that its net revenues surpassed AED 1 billion ($272.3 million) in the first quarter of 2022 for the first time since its inception. 

The quarter saw a 58 percent year-on-year improvement in net revenues compared to the same period in 2021, according to an official statement.

“The group’s impactful start to the year demonstrates we are now well-positioned to begin reaping the fruits of our labor following a year of measured discipline and rigorous application of our strategy to seize growth,” said Chairman Khalifa Sultan Al-Suwaidi.

From a financial perspective, Agthia’s consumer business division achieved substantial growth of 83 percent compared to the previous year, now encompassing 75 percent of the total group sales.

Commenting on the results, Alan Smith, chief executive officer of the group, said: “Our first quarter results are proof of our conviction in the M&A activities conducted last year through the generation of healthy growth to our top-line revenues across all our verticals. We see significant headroom to grow further as we continue to pursue full integration as a top priority in 2022 and we remain firmly on-track to deliver against our five-year strategic roadmap.” 

The previous quarter was the first when the performance of all five acquisitions made throughout 2021 — Al Foah, Al Faysal Bakery & Sweets, Nabil Foods, Atyab and BMB Group — was consolidated and reflected on the group’s financial statements. 

The group’s total assets reached AED 6.6 billion as of March 31, while total shareholders’ equity for the period stood at AED 2.8 billion.

On April 7, in line with Agthia’s semi-annual policy, the board of directors approved a cash dividend equivalent to AED 0.0825 per share for the second half of 2021, with total dividends distributed for the year amounting to AED 130.6 million, an increase from AED 118.8 million in 2020.