Agthia profits up 22pc

Agthia achieved year to date September sales growth of 29 per cent at Dh411.3 million, and a 22 per cent rise in net profit to Dh28.5 million compared to the same period last year. Agthia is the parent company of Grand Mills Flour and Feed and Al Ain Mineral Water, and recently announced plans to acquire Abu Dhabi-based water brand Ice Crystal.

"Despite facing considerable challenges, particularly due to soaring grain prices in the international markets, we are able to post these strong results, while the outlook for the rest of the year remains positive," said Agthia's board Chairman Rashed Al Hajeri.

Grand Mills Flour and Feed reported sales of Dh340 million, a growth of 29 per cent over the corresponding period last year, while gross profit

margin improved by 147 basis points despite rising costs.

In July Al Ain Water unveiled its new brand look aimed at broadening its market share throughout the UAE. "Initial trade and consumer response has been very encouraging, with Al Ain Water business reporting sales growth of 30 per cent and gross margin improvement of 270 basis points over last year," said Agthia CEO, Ilias Assimakopoulos.