Thu 26-10-2023 15:21 PM
ABU DHABI, 26th October, 2023 (WAM) — Ghitha Holding (Ghitha), a subsidiary of International Holding Company (IHC), has announced its third quarter year-to-date (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 percent compared to the same period in 2022.
Revenues grew 120 percent year-over-year (YoY), 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 prioritising 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 percent 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, emphasising 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.