Abu Dhabi, UAE; 26 October 2023: Ghitha Holding PJSC (ADX: Ghitha), the regional food and drink processing conglomerate corporation headquartered in Abu Dhabi, and a subsidiary of International Holding Company (ADX: IHC), has announced its third quarter 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% vs YTD Q3-2022. Revenues grew 120% year over year, 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 prioritizing 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% 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, emphasizing 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.