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- The Group reported strong revenue of AED 4.6Bn (+100% YoY)
- Operational profit growth of AED 99Mn; +64% YoY
- EBITDA growth of AED 79 Mn; +22% YoY (Excluding fair value changes in investments)
- Total Assets of AED 7.1 Bn; +32% YoY
Abu Dhabi, UAE: Ghitha Holding PJSC (ADX:Ghitha), the Abu Dhabi headquartered conglomerate that consolidates Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, retail, distribution and catering services, and is a subsidiary of International Holding Company (ADX: IHC), has released its financial results for 2023. The group reported an operating profit of AED 254 million, reflecting their commitment to operational excellence and efficiency.
Driven by stellar performance and sustained business momentum, Ghitha achieved a milestone revenue of AED 4.6 billion, indicating a significant growth rate of +100% compared to 2022. This noteworthy growth, can be attributed to successful execution of strategic acquisitions, a comprehensive expansion across diverse categories and geographies. The Group has now recorded nine consecutive quarters of revenue growth.
Mr. Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said: "Ghitha delivered another robust financial year, fueled by a clear vision and steadfast dedication to rapid growth. Our strategy is focused on bolstering the success of our leading brands and exploring innovative methods to enhance our business operations.”
Looking ahead to the upcoming fiscal year, Mr. Falal emphasized “For the upcoming fiscal year, our strategic focus is set on building upon a solid foundation, with a commitment to resilience, growth and innovation. Our approach integrates key elements such as strategic acquisitions, supply chain efficiency, and focused marketing efforts, positioning us for continued growth and long-term profitability.”
Ghitha’s financial performance is further substantiated with a 32% increase in total assets, compared to previous year, reaching a significant AED 7.1 billion. Ghitha’s strong financial performance signals a strategic expansion that is aligned with the UAE national food security agenda. The Group’s proactive approach involves expanding its multi-sector platform, emphasizing diversification of assets, and executing targeted acquisitions to achieve scale. The Group's overarching objective remains to elevate operational efficiency, pursue accelerated profitability through organic growth, leverage operational synergies, and seamlessly integrate strategic acquisitions.
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, agriculture, food commodities, edible oils, and fish farms.
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 Dec 31, 2023. 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 500 subsidiaries and over 107,000 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.
