Data News > Agthia Group Reports Record Profits in Q1-2024

Agthia Group Reports Record Profits in Q1-2024

By KlickAnalytics Data Insights  |   May 16, 2024 10:01AM ET

- Agthia Group saw net profits after tax surge to AED 127.59 million in Q1-24 from AED 96.69 million in Q1-23
- Revenues increased to AED 1.44 billion in Q1-24 from AED 1.18 billion in Q1-23
- Total assets reached AED 6.41 billion as of 31 March 2024

Agthia Group, listed on the Abu Dhabi Securities Exchange (ADX), reported a significant increase in net profits after tax in the first quarter of 2024. The group's revenues also saw a notable hike, reaching AED 1.44 billion. The basic and diluted earnings per share jumped to AED 0.14 in Q1-24, reflecting the company's strong performance and growth trajectory. Chairman Khalifa Sultan Al Suwaidi expressed confidence in the group's strategic vision, emphasizing a commitment to profitable growth through investments in capabilities and innovation.

Moreover, Group CEO Alan Smith highlighted the successful execution of business strategies, leading to revenue growth that surpassed guidance. The group's enhanced profitability in Q1-24 underscores a focus on operational efficiency amid global economic challenges. In 2023, Agthia Group's net profit increased by 9.90%, setting a solid foundation for continued progress in the forthcoming quarters. In line with its growth plans, the group raised its shareholding in Egypt-based Auf Group to 70% during Q1-24.
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