Agthia posts 48% sales increase

ABU Dhabi''s Agthia Group said 2008 sales rose 48% from the previous year to AED 854 million ($232.5m) for 2008, a 48% increase from the previous year. Net profit for the whole year jumped by 89% from the past year to AED 72.2 million ($19.6m), brought by higher volumes and plant capacity utilisation, cost savings and better pricing structures, the part state - owned company said in a statement. Sales from Al Ain Vegetable & Tomato Paste, a frozen food company it acquired in January 2008, contributed to its strong performance with sales of AED 43 million. The company''s flour and feed business division reached sales of AED 672.6 million ($183.2m) in 2008, a 40% increase over the same period last year, while total sales for its water and beverage division got AED 138.6 million ($37.2m), a growth of 40% from 2007.Air Zoom Pegasus EM