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Agthia Group posts 58.54% jump in Q2 profit

Abu Dhabi's Agthia Group has posted a 58.54% rise in net profit in the second quarter ended June 30 2012 to Dhs28.836m, on higher sales, Khaleej Times has reported. The food producer and distributer linked the higher profit to "three percentage point improvement in gross profit margin resulting from competitive procurement of grains, cost saving initiatives, production capacity increases of flour and feed mills displacing outsourcing and price increases." Revenues rose 18% to Dhs330.758m in the quarter, Agthia said.