Food & FMCG

Ghitha Holding PJSC (ADX: Ghitha), an Abu Dhabi-based conglomerate and subsidiary of International Holding Company (ADX: IHC), has announced impressive financial results for the first nine months of 2024, reporting AED 3.67 billion in revenue. This marks an 11% year-on-year (YoY) increase, underscoring Ghitha Holding's expansion and resilience across its diverse sectors, which include Dairy, Poultry, Vegetable Oil, Seafood, Agriculture, Retail, and Distribution.

The company's gross profit surged by AED 188 million, reflecting a 36% growth YoY, driven by its commitment to operational excellence and strategic market expansion. In 2024, Ghitha has focused on acquiring essential assets, entering new markets, and diversifying its product lines, positioning itself for continued growth and supporting the UAE's National Food Security Agenda.

Total assets rose by 33% since December 2023, reaching AED 9.4 billion. This growth emphasizes Ghitha’s strategic goal of fostering a robust, self-sustaining food supply chain within the UAE.

Falal Ameen, Group CEO of Ghitha Holding, praised the group’s performance amidst challenging market conditions, highlighting its ability to navigate supply chain disruptions and commodity price volatility. "These outstanding results will enable the Group to target further growth across key business sectors in the future,” he said.

Looking forward, Ghitha Holding remains focused on improving financial performance and operational efficiency, aiming to establish itself as a regional leader in the food industry. The company plans to enhance processes, increase efficiency, and adapt to evolving market trends to ensure sustainable growth and value creation for stakeholders.

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