Ghitha Delivers Impressive 18% Revenue Growth, Surging To AED 2.45 Billion In H1 2024
Date
7/27/2024 9:07:24 AM
(MENAFN- Mid-East)
Revenue reaches AED 2.45 billion in H1 2024, an 18% growth compared to H1 2023.
Gross profit grows by 57% YoY with AED 176 million.
EBITDA remains strong, representing ~ 10% of Revenue (Excl fair value changes in investment)
Total Assets increase to AED 9.4 billion (+33% vs. Dec 23)
Abu Dhabi, UAE -July 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.
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