Agthia Group approves new board members, payment of AED 65.3 million in dividends for H2’22 at AGM
Agthia Group PJSC held its Annual General Meeting (AGM) today, which was attended both, in-person and virtually, by shareholders at the Abu Dhabi Chamber of Commerce and Industry.
During the meeting, shareholders approved the Group’s financial results for the year ending 31st December 2022 as well as all other recommendations by the Board of Directors, including the board’s recommendation for an interim cash dividend payment of 8.25 fils per share for the six-month period ending 31st December, 2022, with a total value of AED 65.3 million, equivalent to 8.25 percent of the Company’s share capital. The total amount of dividends distributed in 2022 was AED130.6 million.
The board also approved the board’s recommendation to increase the size of the board, bringing the total number of board members from seven to nine.
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.
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.”
Agthia Group recently announced its financial results for the fiscal year ending 31st December 2022 with Group Net Revenue up 33 percent YoY to AED 4.07 billion and positive like-for-like revenue growth across all verticals. Net operating income grew 36 percent YoY, maintaining a profitable core while leveraging synergies and efficiencies across the Group, while Group Net Profit attributable to shareholders grew 14 percent YoY to AED 247 million.
wam – Amjad Saleh
