ABU DHABI - Ghitha Holding, a subsidiary of International Holding Company (IHC), has announced its second quarter results for 2022 with a profit of AED80.65 million, surging by more than 471% for the same period last year.
Ghitha reported record-breaking numbers, led by its revenue reaching AED576 million, which shows immense growth of 276%, soaring up from AED153 million in Q1-2021. It has overseen a solid push to expand the company's product portfolio and become a key player in the food industry, which has lead to the company's total assets crossing AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
Ghitha's strong set of financials reflects its high-yielding strategic expansion of its distribution, operation, frozen food, agriculture, and livestock divisions. With a focus on supporting the national food security agenda, the company has successfully grown its multi-sector platform to build further scale, diversify assets, and target acquisitions with high returns.
Commenting on the announcement, Dr. Mohammed Somar Ajalyaqin, Chairman of Ghitha Holding, said, "With the global supply chain remaining uncertain, we have ramped up long-term sustainable production on a regional scale to effectively mitigate the impact. By being agile in our response to dynamic market conditions, along with implementing our strategic plan, we have not only built a foundation of strong capital and organic growth; but importantly support the UAE's food security policy. We foresee strong results again in the second half of 2022 with increased high-level demand, allowing even greater commercial growth and consequent revenue gains".
The company continues to forge ahead in its plan to add a number of related businesses to its existing portfolio, through acquisitions and subsidiaries' formation, with an overall aim to enhance its 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.