Agthia Group Showcases Robust Growth with 31.8% Profit Surge in H1 2024

Agthia Group PJSC announced a significant 31.8% rise in net profit for the first half of 2024, achieving AED 190.0 million. The group also reported a 14.7% increase in net revenue, reaching AED 2.5 billion, and recommended a substantial interim dividend.

Agthia Group PJSC, based in Abu Dhabi, has reported a remarkable 31.8% increase in net profit for the first half of 2024, amounting to AED 190.0 million, despite foreign exchange challenges and new income tax regulations in the UAE. The group's net profit margin stood at 7.5%, showing a 98 basis point improvement.

The group's revenue also saw a strong 14.7% year-on-year rise to AED 2.5 billion, fueled by profitable growth across all four business segments and enhanced operational efficiencies. In alignment with its semi-annual dividend policy, Agthia's board recommended AED 85.7 million as an interim cash dividend, representing a 25% increase over last year. This proposal awaits approval at the next annual general meeting.

Chairman Khalifa Sultan Al Suwaidi highlighted Agthia's consistent performance and strategic focus, which positions the company to leverage opportunities across the MENA region. CEO Alan Smith reiterated the group's commitment to sustainable growth through innovation and efficiency gains, bolstered by strong execution of their long-term strategy.

(With inputs from agencies.)