Ghitha Reports 18% Revenue Growth, Reaching AED 2.45 Billion in H1 2024
Ghitha Holding PJSC (ADX: Ghitha), an Abu Dhabi-based conglomerate and subsidiary of International Holding Company (ADX: IHC), has reported a significant 18% year-over-year revenue growth for the first half of 2024, achieving AED 2.45 billion. This growth highlights the company's strong strategic vision and operational efficiency.
The group's gross profit also saw a substantial increase, growing by 57% year-over-year to AED 176 million. Ghitha's EBITDA remains robust, representing approximately 10% of the revenue, excluding fair value changes in investment. Additionally, the total assets of the group rose by 33% compared to December 2023, reaching AED 9.4 billion. This asset growth underscores the group's financial strength and its commitment to advancing the National Food Security Agenda.
A significant milestone for Ghitha this quarter was the signing of an agreement to acquire Marmum Dairy Farm. This acquisition is expected to bolster the company's market position and solidify its presence in the dairy industry, further enhancing its capacity for innovation and customer satisfaction.
Falal Ameen, Group Chief Executive Officer of Ghitha Holding, stated, "Despite challenges such as supply chain disruptions and commodity price volatility, our group's strong performance is a result of strategic asset acquisitions, effective market penetration, organic growth, and product diversification. These initiatives not only boost our market leadership but also demonstrate our resilience and agility in navigating the complexities of the global market."
Ghitha Holding continues to focus on process refinement, efficiency improvements, and adaptability to dynamic market conditions. The company remains committed to achieving excellence in both financial and operational spheres, ensuring sustainable growth and delivering long-term value to its stakeholders.
