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Agthia profit up despite rising costs

Emirates Foodstuff and Mineral Water (Agthia) said on Tuesday the company posted solid growth during the third quarter, spurred by its flour and feed and water businesses.

Agthia said year-to-date net profit to end of September of 28.5 million dirhams (7.76 million), up 22% on the same period last year, while revenue rose 30.5% to 267.4 million dirhams.

Profit growth was up from year-to-date results released in July, which Agthia said rose by 20.6% year-on-year without giving further details.

The company did not give a third-quarter breakdown of its results.

Agthia Chairman Rashed Al Hajeri said high grain prices had impacted on profitability for a second quarter, but that he was pleased with the results.

"We're pleased that 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, " Al Hajeri said in a statement.

Agthia's Grand Mills Flour & Feed sales grew 29% for the period to 340 million dirhams, while its profit margin improved by 147 basis points despite rising costs.

The company said this reflects a better mix of higher pricing, cost savings and production efficiencies.

Agthia said sales in its Al Ain Water unit, which underwent rebranding back in July, were 30% with a profit margin of 270 basis points.