May 28, 2022

Agthia records 64% rise in Q1-22 profits

The net profits attributable to the owner of Agthia Group surged by 64% to AED 82.19 million in the first quarter (Q1) of 2022 from AED 49.58 million in the same period of 2021, according to the company’s unaudited consolidated financials for the three-month period ended 31 March 2022.

The company generated revenues of AED 1.05 billion in Q1-22, up 58% year-on-year (YoY) from AED 665.52 million.

The basic and diluted earnings per share (EPS) settled at AED 0.10 in the first three months (3M) of 2022, versus AED 0.06 in the year-ago period.

The Chairman of Agthia Group, Khalifa Sultan Al Suwaidi, said: “This achievement is just the beginning of our mission to build a more holistic, efficient, and integrated business model after successfully rounding out the first year of our five-year strategy.”

Meanwhile, the CEO of Agthia Group, Alan Smith, commented: “Our first-quarter results are proof of our conviction in the M&A activities conducted last year through the generation of healthy growth to our top-line revenues across all our verticals.”