- Revenue reachesAED 2.45 billion in H1 2024, an 18%growth compared to H1 2023
- Gross Profit grows by 57% YoY with AED 176 million
- EBITDAremains strong, representing ~ 10% of Revenue(Excl fair value changes in investment)
- Total Assets increase to AED 9.4billion (+33% vs. Dec23)
Abu Dhabi, UAE -26July 2024:Ghitha Holding PJSC (ADX:Ghitha), the Abu Dhabi-headquartered conglomerate spanning Dairy, Poultry, Vegetable Oil, Seafood, Agriculture, Retail, and Distribution, and a subsidiary of International Holding Company (ADX: IHC), has reported a robust AED 2.45 billion in revenue for H1 2024, marking an impressive 18% year-over-year growth. This milestone underscores Ghitha’s unwavering commitment to strategic vision and operational excellence.
The Group has achieved remarkable financial success, with total assets increasing by 33% since December 2023 to reach AED 9.4 billion. This significant growth not only underscores the Group’s financial strength but also supports its strategic objective of advancing the National Food Security Agenda. The Group continues to make notable strides in both financial performance and operational efficiency, aligning closely with its goal of establishing a leading regional food powerhouse.
This quarter marks a pivotal moment in the company’s trajectory as it successfully signed the agreement for the acquisition of Marmum Dairy Farm. Upon complete integration, this will be a strategic milestone that not only strengthens the company’s market position but also consolidates its presence in the dairy industry, solidifying its commitment to innovation and customer satisfaction. With Marmum’s assets and expertise, the company is poised to deliver even greater value to stakeholders and capitalize on new market opportunities.
Falal Ameen, Group Chief Executive Officer of Ghitha Holding,says:“Despite navigating supply chain disruptions and commodity price volatility, the Group’s remarkable performance stems from its adept strategy of acquiring strategic assets, penetrating markets effectively, expanding organically, and diversifying across multiple product lines. Each initiative is meticulously planned, not only enhancing the Group’s momentum and market leadership, but also showcasing its resilience and agility in responding to the complexities of today’s global marketplace”
Financially, the Group’s revenue and gross profit continue to improve, highlighting the successful implementation of its planned initiatives. Ghitha remains focused on refining processes, increasing efficiency, and strengthening its capability to adapt to dynamic market conditions. As it moves forward with its objectives, the Group’s steadfast commitment to achieving excellence in both financial and operational realms remain firm, ensuring sustainable growth and delivering enduring value to stakeholders.
—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 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 & Al Jaraf Fisheries. The Group is collectively engaged in dairy, poultry, fish, agriculture, food commodities and edible oils.
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 876 billion as of March 31, 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 900 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