The Group’s consumer-business recorded over $100M in profits for the first quarter of 2021.
Abu Dhabi-based Agthia Group has revealed an 85 per cent increase in year-on-year profits for the first quarter 2021 as the company continues to chart a course of recovery from the coronavirus pandemic.
The company has had a solid start to 2021 which has seen profits of $13.6M, while total revenues grew 17 per cent from Q1 2020 to reach $181M. It comes after Agthia in March announced annual profits for 2020 fell 74 per cent to $9.4M from $37.3M in 2019.
Smith said: “We keep using the words cautiously optimistic and I think that’s the right thing. If we look back on Q4 and into Q1 I would say that the retail environment has probably been tougher than we expected across markets and the reason for that is ongoing lockdowns. You think about Kuwait, you think about Saudi Arabia; travel bans and the ability of tourists to visit the UAE. I think in the retail space, obviously we hope to see that improve.”
