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- Gross Profit growth of AED 113 million (87% YoY)
- EBITDA remains strong, representing ~ 10% of Revenue (Excluding fair value changes in investments)
- Total Assets of AED 8.5 billion (+20% YoY)
Abu Dhabi, UAE: Ghitha Holding PJSC (ADX: Ghitha), the Abu Dhabi headquartered conglomerate that consolidates Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, Retail and Distribution, and is a subsidiary of International Holding Company (ADX: IHC), has released its financial results for Q1 2024. The Group has surged to a remarkable total revenue of AED 1.3 billion, demonstrating an impressive 41% YoY growth. This achievement underscores Ghitha’s steadfast dedication to strategic foresight and operational excellence.
Ghitha's financial performance has seen a remarkable upswing, with Total Assets surging by 20% to reach a significant AED 8.5 billion. This robust growth not only underscores Ghitha's financial strength, but also aligns with the strategic objectives of fortifying the National Food Security Agenda. The Group continues to demonstrate remarkable strides in both financial performance and operational efficiency, all in alignment with its overarching objectives.
Mr. Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said: "Credited to the Group's adept execution of strategic acquisitions, market penetration, organic expansion, scalability, and diversification across multiple product categories, this remarkable surge in growth highlights our strategic acumen. With each aspect carefully orchestrated, the Group has achieved an impressive momentum, solidifying its position as a market leader. Moreover, this sustained growth reflects the Group's commitment to adaptability in an ever-evolving market landscape.”
Financially, the Group has witnessed robust growth with revenue and gross profit, indicating the successful execution of its planned initiatives. Operationally, Ghitha remains committed towards streamlining processes, optimizing resource utilization, and enhancing scalability to meet evolving market demands. As the Group continues to pursue its objectives, its unwavering dedication to financial and operational excellence remains steadfast, driving sustainable growth and value creation for its stakeholders.
About Ghitha Holding
Ghitha Holding PJSC is a private joint stock company incorporated in the Emirate of Abu Dhabi, United Arab Emirates. It operates as a subsidiary of International Holding Company (ADX: IHC). Ghitha emerged as an investment holding company; with its portfolio of subsidiaries, associates and joint ventures consisting of: Al Ain Farms, Apex Investment PSC (ADX: APEX), Al Ajban Poultry, Alliance Food Company, Zee Stores International, Agrinv (Al Hashemiya), Royal Horizon Holding, Abu Dhabi Vegetable Oil Company, Mirak, NRTC Group, Invictus Investments (ADX: INVICTUS), Anina Culinary & Al Jaraf Fisheries. The Group is collectively engaged in dairy, poultry, Fish, agriculture, food commodities and edible oils.
About International Holding Company (ADX:IHC)
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 876 billion as of 31st March 2024. The Company endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region's largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 600+ subsidiaries and over 150,000+ employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Asset management, Healthcare, Real Estate and Construction, Marine and Dredging, IT and Communications, Financial Services, Food Production and Service, Utilities, and Services.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation, and redefining the marketplace for itself, its clients, and its partners.
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