Food trading company Ghitha Holding PJSC is expected to forge ahead with plans to add more businesses to its portfolio as it reported a profit of AED80 million ($21.8 million) for the second quarter of 2022.

Profits for the Abu Dhabi-listed company, which is a subsidiary of International Holding Company (IHC), grew by 471% on the same quarter of 2021, from AED14.1 million. Revenue for Q2 2022 was AED576 million, up from AED 153 million in the same period.

Full financial results posted on the Abu Dhabi Securities Exchange (ADX) showed profits for the first half of 2022 reached AED 71.6 million, up from AED22.7 million in the equivalent period in 2021, with revenues of AED882 million, up from AED281 million.

The company said its results reflected its high-yield strategic expansion of its distribution, operation, frozen food, agriculture and livestock divisions, which is focused on supporting the national food security agenda.

The company’s total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021, results showed.

“With the global supply chain remaining uncertain, we have ramped up long-term sustainable production on a regional scale to effectively mitigate the impact,”  said

Dr. Mohammed Somar Ajalyaqin, chairman of Ghitha Holding.

The company said it will forge ahead with plans to add related businesses to its portfolio, through acquisitions and subsidiaries formation, enhancing core capabilities in wholesale importing, trading fresh and shelf stable foods, packaging and providing food services to industrial sites, such as gas and oil fields.

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)