Agthia's Nine-Month Net Profit Nearly Triples to $42.1 Million
Revenue rose 9.6% to $1.1 billion and free cash flow turned positive, but agri-business margins narrowed and one-off sales flattered third-quarter growth.
Agthia Group's net profit for the first nine months of 2026 reached $42.1 million (AED154.6 million), nearly three times the prior-year figure, the Abu Dhabi-listed company said on Thursday. Revenue for the period rose 9.6% to $1.1 billion (AED3.9 billion). The improvement came even as input and logistics costs climbed.
EBITDA increased 36.7% to $118.1 million (AED433.6 million). Free cash flow turned positive at $57.7 million (AED212.1 million), reversing an outflow a year earlier. Chief financial officer Jeroen Nijs attributed the stronger financial position to improved operating cash flow, a shorter cash conversion cycle and lower leverage than in December 2025.
Third-quarter revenue was $354 million (AED1.3 billion), up 14.4% year on year. That figure included $28.5 million (AED104.7 million) of one-off sales; without them, underlying growth was 5.2%. Q3 EBITDA rose 39% to $33.5 million (AED123.1 million). Net profit was $9 million (AED33.2 million), against $1.1 million (AED4.1 million) a year earlier, when impairment charges in the snacking segment dragged on the result.
Water and food lifted by one-off food security sales
Revenue in the water and food segment grew 36.7%, supported by one-off food security sales in the quarter. Excluding those, UAE water revenue rose 8% and revenue from UAE home and office water services was up 12.9%. Türkiye and Kuwait drove international growth. Higher PET, freight and distribution costs weighed on segment margins.
Agri-business margin contracts
Agri-business revenue rose 10.5%, with feed sales up 18.3%. EBITDA fell 39.3% to $8.6 million (AED31.4 million) and the margin narrowed 807 basis points, as input and distribution costs rose.
Snacking margins recover
Snacking gross margin improved 613 basis points in the third quarter, with gains recorded across its businesses. Abu Auf revenue rose 21.7%, and the brand added a net 69 stores since the start of 2026. Its ground coffee value share gained 1 percentage point to 12.5% on a moving annual total basis through August 2026. Snacking EBITDA was $6.5 million (AED23.8 million), reversing a prior-year loss that included impairment charges. Restructuring at Al Foah and BMB moved forward. Regional logistics disruptions reduced export sales during the quarter.
Protein and frozen
Protein and frozen revenue rose 25.1% in Q3, and Nabil revenue was up 25.3%. An expanded facility in Saudi Arabia helped nearly quadruple protein sales in the kingdom.
The gap between the segments shapes how the nine-month number should be read. The near-tripling of net profit rests partly on a weak base, since last year's third quarter carried snacking impairments, while the agri-business contraction shows cost inflation has not been absorbed evenly across the portfolio. One-off food security sales also flattered reported revenue, which is why the company pointed to 5.2% underlying growth for the quarter.
Agthia launched FUELL, a date-sweetened energy drink, alongside new Abu Auf snack products and ready-to-eat protein offerings. Grand Mills introduced specialty flours. Sustainability-focused productivity initiatives generated $2.8 million (AED10.2 million) in savings.
E-commerce sales rose 18.1% year on year and made up 7.6% of third-quarter underlying revenue. The group introduced digital shelf monitoring across its online sales channels and started a data foundation program. It has also begun piloting AI tools for sales effectiveness and delivery-route optimization.
