UAE food group Agthia approves 90 mln dirhams cash dividends

Agthia Group shareholders have approved a cash dividend payment of 90 million dirhams ($24.5 million) for the financial year ending Dec 31, 2019.

The amount constitutes 15% of the company’s issued capital, said the company in a filing on the Abu Dhabi Securities Exchange on Apr 16.

The food and beverages company reported a 35% drop in profit to 137 million dirhams for 2019 from 210.5 million dirhams a year earlier even as revenues increased to 2.04 billion dirhams from 2 billion dirhams in 2018.

Agthia competes in segments including water and beverages, tomato paste and frozen vegetables, dairy, bakery, and agro-business.

The company is 51% owned by the government of Abu Dhabi’s industrial investment holding company Senaat.

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