Agthia Group has approved dividends totalling AED130.6 million ($35.6 million) for 2022 with the H2 payout approved by the firm’s Annual General Meeting (AGM) being AED65.3 million, equivalent to 8.25% of its share capital.

 

The AGM also approved the board's recommendation to increase the size of the board, bringing the total number of board members from seven to nine, a WAM report said.

 

Following the nomination and voting procedure, the shareholders re-elected Khalifa Sultan Al Suwaidi, Salmeen Obaid Alameri, Gil Adotevi, Khamis Mohamed Buharoon Al Shamsi, and Sharmila Murat as board members, while Gianluca Fabbri and Khalaf Al Hamadi stepped down from their board positions. In addition, the shareholders appointed Svet Varadzhakov, Caitlin Nguyen, Mariam Al Remeithi, and Maurizio Patarnello to the board.

 

More women in Board

Al Suwaidi commented: “In accordance with the UAE Government’s initiatives to increase the representation of women on the boards of local entities across the public and private sectors, I am pleased to welcome our new board members and am confident that through our collective efforts, we will build upon our past successes to reach even greater heights in future.”

 

Alan Smith, Group Chief Executive Officer, commented: “Our industry is constantly evolving, and as such, it is crucial that our leadership is forward-thinking, diverse, innovative, and strategic. I am delighted to see that a third of our board is now represented by accomplished female leaders, and I am confident that their breadth of experience and fresh perspectives will prove invaluable to our team as we navigate the ever-changing business environment. 

 

“Agthia’s results over the past year are testament to the disciplined and methodical execution of our long-term strategy and transformative journey to becoming a leading food and beverage company in the MENAP region and beyond, and together, we will strive to deliver further value for all our shareholders and stakeholders alike.”

 

Net profit rises

Agthia Group recently announced its financial results for the fiscal year ending December 31, 2022 with group net revenue up 33% YoY to AED4.07 billion and positive like-for-like revenue growth across all verticals. Net operating income grew 36% YoY, maintaining a profitable core while leveraging synergies and efficiencies across the group, while group net profit attributable to shareholders grew 14% YoY to AED247 million.-- TradeArabia News Service