DFM-listed United Foods Company has announced strong financial results for the full year ended December 31, 2024, despite ongoing geopolitical challenges and rising input costs.
The UAE-based food manufacturing and distribution company — part of the Al Owais family business group — achieved record gross revenue of AED 601.7 million, marking a significant milestone underpinned by a 5.9 percent increase in sales volumes. The performance highlights United Foods’ ability to deliver growth and resilience in a volatile market environment, in line with its long-term strategic objectives.
Gross profit rose 8 percent to AED 99.6 million, driven by effective cost control measures, procurement optimization, and a favorable shift in product mix. Meanwhile, net profit before tax grew 11 percent to AED 33.9 million, while net profit after tax held steady at AED 30.8 million, according to the company’s statement.
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Reflecting its robust financial health and continued focus on shareholder returns, the board of directors has proposed a 100 percent cash dividend for 2024, equivalent to AED 1 per share or a total payout of AED 30.25 million.
The proposed dividend, subject to shareholder approval at the upcoming Annual General Meeting, places United Foods among only three companies in the UAE to declare a full cash dividend this year.
The results reinforce United Foods Company’s market strength and strategic execution amid regional and global economic headwinds.
Fethi Khiari, CEO at United Foods Company, commented: “In all, 2024 was a milestone year of achievement for United Foods. We increased sales volumes and revenue, protected margins, continued to deliver dynamic, high-quality products and diversified our product portfolio to better delight our customers. These key initiatives have enabled us to reinforce our robust position in the UAE and in all the markets we serve.”
“Looking ahead, we remain dedicated to our strategic path that will enhance value for our shareholders, as we continue to scale our operations and invest in automation and efficiency. Our commitment to Emiratization remains core to our corporate vision, and we are proud to be building a business that is both future-fit and locally rooted,” Khiari added.
Operational highlights
As part of its commitment to innovation and sustainable growth, United Foods Company invested AED 12.8 million in capital expenditure during 2024. The investment was primarily allocated to the installation of two advanced production lines: a fractionation unit and a PET blowing machine designed to produce biodegradable bottles, aligning with the company’s environmental goals.
The group’s total assets increased to AED 439.4 million, while shareholders’ equity rose to AED 344.5 million, reflecting a solid financial foundation. United Foods continued to channel resources into manufacturing upgrades and digital tools aimed at enhancing long-term operational efficiency and competitiveness.
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