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Agthia H1 profit rises 94 per cent

ABU DHABI - Agthia Group, a Abu Dhabi based food and beverages company has earned a net profit of Dh38 million in the first half of 2008, a net increase of 94 per cent during same period last year.

According to financial figures released yesterday, the first half net profit of Dh38 million, represents an increase of 94 per cent compared to the same period last year. In the second quarter net profit rose 86 per cent Dh19 million, 86 per cent up on the same period last year.

The gross profit margin increased to 20.7 per cent up against 18.3 per cent in the corresponding period 2007.

For the six months to June 2008, sales grew to Dh385 million from Dh267 million, representing a growth of 44 per cent over the same period last year. The second quarter sales contributed Dh199 million, for a 47 per cent increase against the previous comparable period.

Earnings per share improved to Dh0.126, reflecting a 97 per cent growth versus 2007 year end.

Rashid Mubarak Al Hajeri, chairman of Agthia said that given the current challenging environment in the global food and beverage industry, strong results for the first six months of 2008 reflects enormous strength of the Company.