Profits at Agthia surged almost 60 per cent in the second quarter on the falling cost of sales after the Abu Dhabi Government increased subsidies to the food producer.
Net income rose to Dh28.8 million (US$7.84m) in the quarter from Dh18.1m in the same period a year earlier. Agthia's compensation from the emirate amounted to Dh144.24m.
"The purpose of the compensation was to partially reduce the impact of increased and volatile global grain prices on food retail prices for the consumers in the Abu Dhabi emirate," Agthia said in a regulatory filing to the Abu Dhabi bourse yesterday.
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