• Gross Profit increased by AED 188 million, +36% growth YoY
  • EBITDA remains strong, representing ~ 10% of Revenue (Excl fair value changes in investment)
  • Total Assets increased to AED 9.4 billion (+33% vs. Dec 23)

Abu Dhabi, UAE: Ghitha Holding PJSC (ADX: Ghitha), Abu Dhabi-headquartered conglomerate spanning Dairy, Poultry, Vegetable Oil, Seafood, Agriculture, Retail and Distribution, and a subsidiary of International Holding Company (ADX: IHC), has announced a solid AED 3.67 billion in revenue for the first nine months of 2024, showcasing an impressive 11% year-on-year (YoY) growth.

Gross Profit also increased by AED 188 million, representing 36% growth YoY. This increase was a direct result of the business delivering on its vision as well as its commitment to operational excellence. Throughout the first nine months, Ghitha has focused on several strategic areas, including acquiring key assets, successfully entering new markets, expanding organically, and diversifying its product lines, factors that have shaped its impressive results for this period.

Total assets increased by 33% since December 2023 reaching AED 9.4 billion, further highlighting the Group’s consistent growth as well as its strategic aim of advancing the National Food Security Agenda.

Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said: “The Group has demonstrated strong performance amid a challenging market landscape, successfully navigating supply chain issues and commodity price volatility. These outstanding results will enable the Group to target further growth across key business sectors in the future.”

Looking ahead, the Group remains committed to further enhancing both its financial performance and operational efficiency, aligning with its vision of becoming a leading regional food powerhouse. To achieve this, it will concentrate on enhancing processes, boosting efficiency, and strengthening its ability to respond to changing market conditions. As it progresses towards its goals, the Group remains dedicated to excellence in all areas, ensuring sustainable growth and value creation for 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, Marmum Dairy Farm, Apex Investment PSC (ADX: APEX), Al Ajban Poultry, Alliance Food Company, Zee Stores International, Agrinv (Al Hashemeya), Royal Horizon Holding, Abu Dhabi Vegetable Oil Company, Mirak, NRTC Group, Invictus Investments (ADX: INVICTUS), Anina Culinary and Al Jaraf Fisheries. The Group is collectively engaged in dairy, poultry, fish, agriculture, food commodities, edible oils, trading and distribution.

www.ghitha.com

About International Holding Company (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 895 billion as of June 30, 2024. IHC 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 1,000 subsidiaries, 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. www.ihcuae.com

Media Contacts
Rawad Khattar
Weber Shandwick
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