Revenues for second quarter stand at a record peak of AED 576mn
Ghitha Holding, the leading regional foodstuff trading and distribution company, and subsidiary of Abu Dhabi’s International Holding Company (IHC), a fast growing, highly diversified holding and investment company, has announced its second quarter results for 2022 with profit of AED 80.65mn (US$ 22mn), surging by more than 471% for the same period last year.
Ghitha reported record-breaking numbers, led by its revenue reaching AED 576mn (US$ 156.82mn), which shows a huge growth of 276%, soaring up from AED 153mn in Q1-2021.
Ghitha’s strong set of financials reflect its high-yielding strategic expansion of its distribution, operation, frozen food, agriculture, and livestock divisions. With a focus on supporting the national food security agenda, the company has successfully grown its multi-sector platform to build further scale, diversification of assets and target acquisitions with high returns, a recent press communiqué indicated.
“With the global supply chain remaining uncertain, we have ramped up long-term sustainable production on a regional scale to effectively mitigate the impact. By being agile in our response to dynamic market conditions, along with implementing our strategic plan, we have not only built a foundation of strong capital and organic growth; but importantly support the UAE’s food security policy,” asserted Dr. Mohammed Somar Ajalyaqin, Chairman, Ghitha Holding.
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