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ABU DHABI / WAM
Ghitha Holding (Ghitha), a subsidiary of International Holding Company (IHC), has released its financial results for 2023. Driven by a stellar performance and sustained business momentum, Ghitha’s revenue milestone indicates a significant growth rate of over 100 percent 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 reported an operating profit of AED254 million, reflecting their commitment to operational excellence and efficiency.
Falal Ameen, Group CEO of Ghitha Holding, said, “Ghitha delivered another robust financial year, fuelled 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, Falal stated, “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 percent increase in total assets compared to the previous year, reaching a significant AED7.1 billion. Ghitha’s strong financial performance signals a strategic expansion aligned with the UAE national food security agenda.