Ghitha Sustains Positive Momentum Throughout Q1 2024 and Delivers Robust Topline Growth

Ghitha Sustains Positive Momentum Throughout Q1 2024 and Delivers Robust Topline Growth

May 1, 2024
  • Ghitha reported strong Revenue of AED 1.3Bn (41% YoY)
  • Gross Profit growth of AED 113 million (87% YoY)
  • EBITDA remains strong, representing ~ 10% of Revenue (Excluding fair value changes in investments)
  • Total Assets of AED 8.5 billion (+20% YoY)

Abu Dhabi, UAE; 01 May 2024: Ghitha Holding PJSC (ADX: Ghitha), the Abu Dhabi headquartered conglomerate that consolidates Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, Retail and Distribution, and is a subsidiary of International Holding Company (ADX: IHC), has released its financial results for Q1 2024. The Group has surged to a remarkable total revenue of AED 1.3 billion, demonstrating an impressive 41% YoY growth. This achievement underscores Ghitha’s steadfast dedication to strategic foresight and operational excellence.

Ghitha’s financial performance has seen a remarkable upswing, with Total Assets surging by 20% to reach a significant AED 8.5 billion. This robust growth not only underscores Ghitha’s financial strength, but also aligns with the strategic objectives of fortifying the National Food Security Agenda. The Group continues to demonstrate remarkable strides in both financial performance and operational efficiency, all in alignment with its overarching objectives.

Mr. Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said: “Credited to the Group’s adept execution of strategic acquisitions, market penetration, organic expansion, scalability, and diversification across multiple product categories, this remarkable surge in growth highlights our strategic acumen. With each aspect carefully orchestrated, the Group has achieved an impressive momentum, solidifying its position as a market leader. Moreover, this sustained growth reflects the Group’s commitment to adaptability in an ever-evolving market landscape.”

Financially, the Group has witnessed robust growth with revenue and gross profit, indicating the successful execution of its planned initiatives. Operationally, Ghitha remains committed towards streamlining processes, optimizing resource utilization, and enhancing scalability to meet evolving market demands. As the Group continues to pursue its objectives, its unwavering dedication to financial and operational excellence remains steadfast, driving sustainable growth and value creation for its stakeholders.

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