- Ghitha profits have grown by 471% compared with Dh14.1m in the same period last year.
- The company continued to strengthen and grow its market position through acquisitions and organic growth.
- Revenue for Q2 at a record peak of AED 576 million.
Abu Dhabi, UAE: Ghitha Holding PJSC, the leading regional foodstuff trading and distribution company, and subsidiary of International Holding Company (IHC), has announced its second quarter results for 2022 with profit of AED 80.65 million, surging by more than 471% for the same period last year.
Ghitha reported record-breaking numbers, led by its revenue reaching AED 576 million, which shows immense growth of 276%, soaring up from AED 153 million in Q1-2021. It has overseen a solid push to expand the company’s product portfolio and become a key player in the food industry, which has lead to the company’s total assets crossing AED 4.1 billion for the first half of 2022, compared with AED 1.4 billion for the year ending 2021.
Ghitha’s strong set of financials reflect its high-yielding strategic expansion of its distribution, operation, frozen food, agriculture, and livestock divisions. With a focus on supporting the national food security agenda, the company has successfully grown its multi-sector platform to build further scale, diversification of assets and target acquisitions with high returns.
Dr. Mohammed Somar Ajalyaqin, Chairman of Ghitha Holding, said: “With the global supply chain remaining uncertain, we have ramped up long-term sustainable production on a regional scale to effectively mitigate the impact. By being agile in our response to dynamic market conditions, along with implementing our strategic plan, we have not only built a foundation of strong capital and organic growth; but importantly support the UAE’s food security policy. We foresee strong results again in the second half of 2022 with increased high-level demand, which will allow even greater commercial growth and consequent revenue gains“.
The company continues to forge ahead in its plan to add a number of related businesses to its existing portfolio, through acquisitions and subsidiaries’ formation, with an overall aim to enhance its core capabilities in wholesale importing, trading fresh and shelf stable foods, packaging, and providing food services to industrial sites such as gas and oil fields.
About Ghitha Holding
Ghitha Holding (formerly Zee Stores) was founded in 2002 and operates as a Food and Distribution subsidiary of International Holding Company (IHC). Ghitha emerged as an investment holding company; with its portfolio of subsidiaries consisting of: Al Ajban Poultry, Alliance Food Company, Zee Stores International, Agrinv (Al Hashemeya), Royal Horizon Holding, Abu Dhabi Vegetable Oil Company (ADVOC), MIRAK, Apex Investment PSC and Al Jaraf Fisheries. The company collectively consolidates Food, Agriculture, Fish Farm, Poultry, Livestock, manufacturing, refining and trading of vegetable oil, manufacturing and trading of cement products, labor camp management, Catering and other related business services across the UAE and worldwide, with investments in NRTC as an associate. Ghitha Holding has recorded total assets of AED 4.19 billion in the first half of 2022.
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 USD 140 billion. The company endeavours 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), which represents the top 15 largest and most liquid companies on the ADX.
The company has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities and 22,345 employees, it seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Hospitality, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, International Holding Company 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.