IHC subsidiary Ghitha Holding reports Dhs80.6m in profit for Q2 2022, a 471% rise over last year

Abu Dhabi-based foodstuff trading and distribution company, Ghitha Holding has announced its second quarter results for 2022. The company reported profit of Dhs80.65m, which reflects a rise more than 471 per cent over the same period last year.

Ghitha reported robust numbers, led by its revenue reaching Dhs576m, which shows growth of 276 per cent, soaring up from Dhs153m in Q1 2021.

The company has expanded its product portfolio, which has lead to the company’s total assets crossing Dhs4.1bn for the first half of 2022, compared with Dhs1.4bn for the year ending 2021.

Ghitha’s 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.

Dr Mohammed Somar Ajalyaqin, chairman of Ghitha Holding, said: “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.”

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.