Agthia restructuring in Egypt as unrest eats into profit

"We felt the impact...due to domestic and regional unrest, lower than expected raw tomato and chilli harvest coupled with some operational and organisational issues," the Abu Dhabi-listed firm said in a filing to the capital's bourse yesterday.

"We are currently in the midst of restructuring and streamlining the operation and developing a plan at turning around the business in the short to mid-term.

"Agthia set up a manufacturing facility for tomato and chilli concentrate in 2009, when it made its first entry into the Egyptian food market. The tomatoes are sourced from farms located about 75km north-west of Cairo, near the company's main office.