Agthia Jumps Most on Record as Quarterly Profit Climbs 38%

Agthia Group PJSC (AGTHIA) jumped the most on record after the Abu Dhabi-based company reported a 38 percent increase in first-quarter profit.

The shares soared 11 percent, the most since they were listed in July 2005, to 2.9 dirhams at the close in the emirate. About 1.8 million shares were traded, more than seven times the three-month daily average, according to data compiled by Bloomberg. The benchmark ADX General Index rose 1 percent.

Net income rose to 37 million dirhams ($10.1 million), the company that creates, invests, trades and operates companies that are involved in the food and beverage business said in a statement yesterday.

“We remain optimistic and expect another successful growth year,” the company said, commenting on the outlook for 2013.

Today’s jump pushed Agthia’s gains this year to 33 percent, compared with a 25 percent rise for the benchmark index. The stock’s 14-day relative strength index rose to 73 today. A reading above 70 indicates to some analysts that a security or index is poised to decline.

Three analysts recommend investors buy the stock and four advise holding the shares, data compiled by Bloomberg show.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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