Fri 04-02-2022 13:00 PM
ABU DHABI, 4th February, 2022 (WAM) — Ghitha Holding (formerly Zee Stores), a regional foodstuff trading and distribution company and a subsidiary of International Holding Company (IHC), today announced its fourth quarter and annual financial results with a net profit of AED59.7 million in 2021.
The company’s financial statements indicated a healthy cash flow, with a strong cash position attributed to the company business acquisition in 2021. Over the twelve months, the Company’s net profit jumped to AED59.7 million from AED12.3 million in the corresponding period a year ago.
Dr. Mohammed Somar Ajalyaqin, Chairman of Ghitha Holding, said, “The biggest driver of our profit growth this year was the successful business acquisition that contributed to Ghitha leadership’s short and long-term vision of expanding its distribution operation, frozen food, agriculture and livestock division. We are confident in the continued momentum of our consumer foods distribution strategy and excited about the opportunities to build on our leadership position, and high brand and market reputation.”
Ghitha revenues ending 31st December 2021 stood at AED546 million, an 89 percent increase from AED289 million in the corresponding period last year. The Company’s revenue also grew by 60.6 percent to AED136.3 million in Q4 2021, compared to AED84.8 million in Q4 2020.
Earlier this month, the company announced its plan to add several related businesses to its existing portfolio, through acquisitions and subsidiaries’ formation, to enhance its core capabilities in wholesale importing, trading fresh and canned foods; packaging; and providing food services to industrial sites such as gas and oil fields.