Company net sales increased by 8 per cent in the first half of the year, reaching Dh822.6 million.
The Agri Business Division, which manufactures and distributes Grand Mills flour and Agrivita animal feed, recorded net sales of Dh523.4 million, up 8 per cent. The division's net profit was Dh113.4 million, up 21 per cent.
Hamzah said an expansion in the production of animal feed is expected to be complete by the end of the year. He also said the company invested Dh150 million across the portfolio in the first half of the year.
The Consumer Business Division, which produces and distributes products including
While the Food segment's net sales reached Dh57.2 million, up 15 per cent, it recorded a loss of Dh14.2 million due to rising costs. Hamzah said the Food segment will deliver an overhaul loss this year, however, he expects second half losses to be less than it has been in the first six months of the year.
He also said that he expected the loss-making Egyptian operations to break even in 2014.
Hamzah, bullish on the rest of the year, expects overall year-on-year sales growth to be in the low double digits with profit growing faster than sales.
Agthia debt as of
Most Popular Stories
- Businesses, Investors Pressing for Green Policy
- E-scrap Recyclers Find Profits in Upgrades
- 'The Voice' Sounds Different This Season
- Congress Casts a Coy Vote on ISIS War
- At Groupon, Not a Good Deal of Workplace Diversity
- Lower Used-Car Prices Roil the Auto Industry
- Utah Hosts US Hispanic Chamber of Commerce Meeting
- Investors Fret Yahoo's Future, Stock Dips
- Liberty Power Helps USHCC Go Green
- Porn Lovers Get a New Search Engine