The Numbers

Agthia Group PJSC posted a sharp improvement across its key financial metrics in the first half of 2026, with net profit reaching AED 121.4 million — up 147.4% year-on-year — as the Abu Dhabi-based food and beverage conglomerate reaped the early rewards of a multi-year business transformation. Group revenue rose 7.4% to AED 2.6 billion, partly supported by one-off sales under the UAE's national food security program. EBITDA climbed 35.8% to AED 310.5 million, with the EBITDA margin widening 250 basis points to 11.9%.

The second quarter told an even sharper story: revenue grew 11.9% year-on-year to AED 1.3 billion, while EBITDA surged 172.5% to AED 117.2 million and the Q2 EBITDA margin expanded 542 basis points to 9.2%. Net profit for the quarter was AED 24.5 million. Free cash flow turned strongly positive at AED 521.4 million, compared with an outflow in the same period a year earlier, and the group closed June with AED 869.6 million in cash on hand. Total assets stood at AED 6.5 billion as of 30 June 2026.

Segment Performance

Agthia's Water and Food division led the portfolio in Q2, with revenue up 38.9%. Al Ain — the group's first billion-dirham brand — extended its dominance in bottled water and captured an additional 2.0 percentage points of value market share versus a year earlier. Protein and Frozen revenue advanced 22.0% in the second quarter, with the Nabil brand surging 32.5% and the Saudi protein facility continuing to ramp output. The Atyab brand posted more modest improvement at 8.1%. Agri-Business rose 11.0% on strong feed demand, with Agrivita feed sales up 23.3%. Within Snacking, Abu Auf delivered 23.7% revenue growth in Q2 as the group continued restructuring the Al Foah and BMB businesses. For F&B operators and retailers tracking Middle East food and beverage supply chains, the breadth of category gains underscores Agthia's shift from a single-commodity business toward a diversified branded portfolio.

Dividend and Outlook

Agthia's board recommended an interim cash dividend of 11.792 fils per share for the six months ended 30 June 2026, a 14.4% increase year-on-year and the second consecutive period of dividend growth following a 10.0% rise recommended for H2 2025. Chief Financial Officer Jeroen Nijs noted the balance sheet improvement was substantial, with net debt-to-EBITDA declining from 2.9x in December 2025 to 1.8x at the half-year mark. "With AED 870 million of cash and cash equivalents, Agthia is well positioned to navigate the current regional disruption, execute our strategic transformation programs and enhance shareholder returns," Nijs said. CEO Salmeen Alameri cited a 26.7% year-on-year reduction in the group's emissions ratio as evidence that its sustainability agenda is advancing in parallel with financial improvement. The results arrive as international food and beverage groups continue to test growth strategies in Gulf Cooperation Council markets, where population growth and food security investment are driving sustained consumption demand. Agthia's ability to convert a government food-security mandate into tangible top-line and cash flow gains positions it as a benchmark for regional operators navigating similar dynamics. Coverage from Food & Beverage Magazine has previously tracked the broader consolidation trend among GCC food conglomerates.

Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.