Ghitha reports Dh80m in profit for Q2 as sales hit new high

Ghitha Holding, the leading regional foodstuff trading and distribution company, and subsidiary of International Holding Company (IHC), has announced its second quarter results for 2022 with profit of Dh80.65 million, surging by more than 471 per cent for the same period last year.

Ghitha reported record-breaking numbers, led by its revenue reaching Dh576 million, which shows immense growth of 276 per cent, soaring up from Dh153 million in Q1-2021. It has overseen a solid push to expand the company’s product portfolio and become a key player in the food industry, which has lead to the company’s total assets crossing Dh4.1 billion for the first half of 2022, compared with Dh1.4 billion for the year ending 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.

“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. We foresee strong results again in the second half of 2022 with increased high-level demand, which will allow even greater commercial growth and consequent revenue gains," Dr Mohammed Somar Ajalyaqin, chairman of Ghitha Holding, said.

The company continues to forge ahead in its plan to add a number of related businesses to its existing portfolio, through acquisitions and subsidiaries’ formation, with an overall aim to enhance its core capabilities in wholesale importing, trading fresh and shelf stable foods, packaging, and providing food services to industrial sites such as gas and oil fields.

— muzaffarrizvi@khaleejtimes.com