Abu Dhabi, UAE, 17 April 2023 – Agthia Group PJSC, one of the region’s leading food and beverage companies, hosted its Annual General Meeting today, which was attended both, in-person and electronically, by shareholders at the Abu Dhabi Chamber of Commerce and Industry.
During the meeting, shareholders accepted the Group’s financial results for the year ending 31 December 2022 as well as all other recommendations by the Board of Directors, including:
- Distribution of Cash Dividends: Accepted the board’s recommendation for an interim cash dividend payment of 8.25 fils per share for the six-month period ending December 31, 2022, with a total value of AED 65.3 million, equivalent to 8.25% of the Company’s share capital. The total amount of dividends distributed in 2022 was AED130.6 million.
- Changes to Board Size and Composition: Accepted the board’s recommendation to increase the size of the board, bringing the total number of board members from seven to nine.
- Election and Appointment of Board Members: 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 Ms. Sharmila Murat as board members, while Gianluca Fabbri and Khalaf Al Hamadi stepped down from their board positions. In addition, the shareholders also appointed Svet Varadzhakov, Ms. Caitlin Nguyen, Ms. Mariam Al Remeithi, and Maurizio Patarnello to the board.
Khalifa Sultan Al Suwaidi, commented: “On behalf of the entire board, I would like to express my gratitude to all our shareholders for their unwavering support and confidence in our leadership. 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: “On behalf of everyone at Agthia, I would like to extend a warm welcome to our returning and new board members. 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.”
Strong Financial Results for FY22
Agthia Group recently announced its financial results for the fiscal year ending 31 December 2022 with Group Net Revenue up 33% YoY to AED 4.07 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 AED 247 million.
All information pertaining to the AGM and the Company’s Annual Report and Sustainability Report are available on the Company’s website www.agthia.com and at www.adx.ae