Abu Dhabi-based Agthia Group posted a sharp earnings recovery in the first half of 2026, with net profit climbing 147.4% year-over-year to AED 121.4 million on the back of margin expansion, a de-leveraged balance sheet, and strong volume performance across its water, protein, and agri-business divisions.
The Numbers
Group revenue for the first six months of 2026 increased 7.4% to AED 2.6 billion, aided in part by one-off sales under the UAE food security program. EBITDA reached AED 310.5 million, up 35.8%, with EBITDA margin expanding 250 basis points to 11.9%. The second quarter alone delivered a 172.5% EBITDA jump to AED 117.2 million, with Q2 revenue rising 11.9% to AED 1.3 billion. Free cash flow swung to a strongly positive AED 521.4 million from an outflow a year earlier — a pivotal shift that allowed the group to trim net debt-to-EBITDA from 2.9x to 1.8x. Cash on hand closed the half at AED 869.6 million, and total assets grew to AED 6.5 billion.
The Board approved an interim cash dividend of 11.792 fils per share — a 14.4% increase year-on-year and the second consecutive period of higher shareholder returns, following a 10.0% rise recommended for H2 2025. Chief Financial Officer Jeroen Nijs called the balance sheet progress "considerable," citing the free cash generation as proof the transformation is self-funding.
Divisional Performance
Water and Food led divisional growth, with Q2 revenue up 38.9%. The Al Ain bottled water brand — Agthia's first billion-dirham brand — gained 2.0 percentage points of value market share versus the prior-year period. In the foodservice-relevant protein segment, the Protein and Frozen division advanced 22.0% in Q2, with Nabil brand revenue surging 32.5% and the newly ramped Saudi protein facility adding incremental capacity. Atyab posted a more modest 8.1% improvement as its turnaround continues. Agri-Business grew 11.0% on robust feed demand, with Agrivita feed sales up 23.3%. Within Snacking, Abu Auf maintained its momentum with Q2 revenue rising 23.7%, while Al Foah and BMB remain in active portfolio transformation.
Operator Implications
For food and beverage procurement professionals and regional foodservice operators, Agthia's performance signals a stabilizing — and increasingly competitive — Middle Eastern supplier base. The group's water division expansion and protein facility ramp-up in Saudi Arabia point to growing supply capacity across two categories that carry significant volume in institutional catering, quick-service, and contract foodservice channels across the Gulf Cooperation Council. The emissions ratio reduction of 26.7% year-on-year also aligns with sustainability procurement criteria gaining traction among large hospitality and airline catering accounts in the region.
Salmeen Alameri, Managing Director and CEO of Agthia Group, framed the half as validation: "The transformation we set in motion a year ago is delivering tangible results, with stronger earnings, expanding margins, and improved cash generation strengthening our balance sheet." For regional distributors and foodservice operators tracking supply chain developments in the beverage segment, Agthia's improved cash position reduces counterparty risk and supports continued investment in capacity. Operators monitoring international food and beverage company results will note that Agthia's margin recovery outpaced many Western CPG peers navigating similar input cost headwinds.
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.
