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The bank’s liquidity profile remains strong as evidenced by an advances to stable resources ratio of 76% and an eligible liquid asset ratio of 16%, both comfortably above regulatory thresholds
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Ghitha achieves 100 per cent revenue growth in 2023, signalling strong market expansion and operational success
The Group reported strong revenue of Dh4.6 billion (+100 per cent YoY) Operational profit growth of ADh99 million; +64 per cent YoY
EBITDA growth of Dh79 million; +22 per cent YoY (Excluding fair value changes in investments)
Total assets of Dh7.1 billion; +32 per cent YoY Abu Dhabi
Tractor spraying pesticides on soybean field with sprayer at spring
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 Dh254 million, reflecting their commitment to operational excellence and efficiency.
Driven by stellar performance and sustained business momentum, Ghitha achieved a milestone revenue of Dh4.6 billion, indicating a significant growth rate of +100 per cent compared to 2022. This noteworthy growth can be attributed to the successful execution of strategic acquisitions and a comprehensive expansion across diverse categories and geographies. The group has now recorded nine consecutive quarters of revenue growth.
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, Ameen emphasised: “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 by a 32 per cent increase in total assets, compared to the previous year, reaching a significant Dh 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, emphasising 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.
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