Agthia Group PJSC, a prominent food and beverage company in the region, showcased robust performance during the first half of 2024, aligning with its annual targets for the year. The Group experienced profitable growth across all four business segments, enhanced by group-wide efficiency measures, leading to a faster increase in both Group EBITDA and net profit compared to revenue. Group net revenue surged by 14.7% year-on-year to DH2.5 billion, with 11.2% from volume growth and 3.5% from pricing adjustments. Excluding a one-off wheat trading sale of DH120 million in Agri-Business in Q1 2024, the net revenue growth stood at 9.3%, primarily fueled by a strategic shift towards higher growth segments and product innovations. Notably, 45% of Agthia's growth in H1 2024 was attributed to innovations alone. Adjusted for currency devaluation impacts in Egypt, Group revenue rose by 21.3% year-on-year.
In the Snacking segment, revenue increased by 19.5% year-on-year, driven by the robust performance of the coffee segment, particularly Abu Auf's gains in both volume and value shares in the Egyptian market. The Protein & Frozen segment saw a 7.2% revenue growth, despite currency devaluation pressures, with a new protein manufacturing plant opened in Jeddah in Q2 2024. The Water & Food segment reported a 4.0% revenue increase, maintaining Al Ain bottled water's market leadership. The Agri-Business segment recorded a 25.4% revenue increase, excluding one-off wheat trading, driven by strong performance in Feed.
EBITDA grew by 19.9% year-on-year to DH382.4 million, reflecting enhanced profitability across all segments and continued focus on profit protection and group-wide efficiency. Group net profit rose by 31.8% year-on-year to DH190.0 million, with a net profit margin expansion of 98bps. Agthia's balance sheet remains strong, with proposed cash dividends of DH85.7 million, subject to shareholder approval. The Group maintains its full-year 2024 guidance for revenue growth between 10% and 12%, with anticipated increases in EBITDA and net profit margins.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, and Alan Smith, Group Chief Executive Officer, expressed confidence in the Group's performance and strategic focus on driving sustainable value and seizing opportunities in the MENA region and beyond.
