The Agthia Group released its results for the three months that ended on March 31, 2024, on Thursday. Agthia performed admirably in the first quarter of 2024 and is on track to meet its full-year 2024 guidance. Due to the Group’s profitable expansion in the snacking, water & food, and agri-business segments as well as the utilisation of group-wide efficiencies, Group EBITDA and Group net profit increased more quickly than revenue.
“Our revenue growth in Q1 2024 was driven by a 17.5% growth in volume and a 5.1% increase in pricing,” said Agthia Group CEO Alan Smith. In addition to our group revenue growth, however, it’s crucial to note that we were able to maintain our EBITDA margins, which remained at 16% annually, while our net profit margins rose to 8.8% from 8.2% in the first quarter of 2023.
“All our segments contributed to our revenue growth in Q1 2024,” Smith said when asked which ones drove the group profitability. Revenue from snacks climbed by 17.7%, protein, frozen foods, and agribusiness by 16%, 10.5%, and 3.5%, respectively, excluding one-time purchases of food and water. Regarding our snacking segment, the noteworthy performance of coffee and dates during the quarter drove revenue growth. Regarding the food and water segment, revenue from international business grew by 8.3% annually, with Kuwait (+21.0%) and Oman (+14.2%) exhibiting noteworthy performance. Water revenue in the UAE increased by 5.9% annually.
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