• EBITDA growth of AED 174 MN YoY (Excluding fair value changes in investments)
  • Ghitha Holding's Q3 results, with revenue of AED 3.3 billion, have significantly increased the Group's overall value.
  • Ghitha Holding’s total Assets are of AED 7.2 Bn (33% growth from LY).

Abu Dhabi, UAE: Ghitha Holding PJSC (ADX: Ghitha), the regional food and drink processing conglomerate corporation headquartered in Abu Dhabi, and a subsidiary of International Holding Company (ADX: IHC), has announced its third quarter YTD results for 2023, reporting a profit before tax of AED 124 million.

The company also gained from the robust performance in the regional food processing and convenient food businesses. Driven by strong results and business momentum, Ghitha reported revenue of AED 3.3 billion, which shows significant growth of 120% vs YTD Q3-2022. Revenues grew 120% year over year, driven by broad-based growth across categories and geographies. This marked the 7th straight quarter of at least high-single-digit revenue growth for the Group.

Dr. Mohammed Somar Ajalyaqin, Chairman of Ghitha Holding, said: "We persist in driving robust growth by prioritizing the expansion of our high-potential brands, such as Al Ain Farms, Asmak and Agriculture Division, to bolster growth and profitability. Anticipating a strong position in FY-2023, we are set to harness synergies from recent acquisitions, enhance supply chain efficiency, and incrementally invest in marketing initiatives."

While the Group's total assets have grown by 33% compared to the previous year, reaching a total of AED 7.2 billion, Ghitha's robust financials underscore a strategic expansion of its operations, aligned with the national food security agenda. The Group has effectively expanded its multi-sector platform, emphasizing diversification of assets and targeted acquisitions to achieve scale. The Group's objective is to enhance operational efficiency, pursue accelerated profitability through organic growth, harness operational synergies, and integrate strategic acquisitions.

-Ends-

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 venture 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 company is collectively engaged in dairy, poultry, agriculture, food commodities, edible oils, and fish farms.

About International Holding Company (ADX:IHC)

HC 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 864 billion as of June 30, 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 444 subsidiaries and over 126,000 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.

www.ihcuae.com

Media Contacts
Ahmad Ibrahim
Group Head Marketing and Corporate Communications
Ahmad.ibrahim@ihcuae.com

Mary Khamasmieh
Head of Government Communications, Weber Shandwick
mkhamasmieh@webershandwick.com