01 Feb 2024

Ghitha Achieves 100% Revenue Growth in 2023

Ghitha Achieves 100% Revenue Growth in 2023, Signaling Strong Market Expansion and Operational Success

  • The Group reported strong revenue of AED 4.6Bn (+100% YoY) 
  • Operational profit growth of AED 99Mn; +64% YoY 
  • EBITDA growth of AED 79 Mn; +22% YoY (Excluding fair value changes in investments) •
  • Total Assets of AED 7.1 Bn; +32% YoY

Abu Dhabi, UAE; 26 January 2024: Ghitha Holding PJSC (ADX: Ghitha), the Abu Dhabi headquartered conglomerate that consolidates Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, retail, distribution and catering services, and is a subsidiary of International Holding Company (ADX: IHC), has released its financial results for 2023. The group reported an operating profit of AED 254 million, reflecting their commitment to operational excellence and efficiency.

Driven by stellar performance and sustained business momentum, Ghitha achieved a milestone revenue of AED 4.6 billion, indicating a significant growth rate of +100% compared to 2022. This noteworthy growth can be attributed to successful execution of strategic acquisitions, a comprehensive expansion across diverse categories and geographies. The Group has now recorded nine consecutive quarters of revenue growth.

Mr. Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said: "Ghitha delivered another robust financial year, fueled by a clear vision and steadfast dedication to rapid growth. Our strategy is focused on bolstering the success of our leading brands and exploring innovative methods to enhance our business operations.”  

Looking ahead to the upcoming fiscal year, Mr. Falal emphasized “For the upcoming fiscal year, our strategic focus is set on building upon a solid foundation, with a commitment to resilience, growth and innovation. Our approach integrates key elements such as strategic acquisitions, supply chain efficiency, and focused marketing efforts, positioning us for continued growth and long-term profitability.”

Ghitha’s financial performance is further substantiated with a 32% increase in total assets, compared to previous year, reaching a significant AED 7.1 billion. Ghitha’s strong financial performance signals a strategic expansion that is aligned with the UAE national food security agenda. The Group’s proactive approach involves expanding its multi-sector platform, emphasizing diversification of assets, and executing targeted acquisitions to achieve scale. The Group's overarching objective remains to elevate operational efficiency, pursue accelerated profitability through organic growth, leverage operational synergies, and seamlessly integrate strategic acquisitions.