Ghitha's accomplishment of 100% revenue growth in 2023 showcases robust market expansion and operational excellence
Ghitha's accomplishment of 100% revenue growth in 2023 showcases robust market expansion and operational excellence Image Credit: Supplied

Abu Dhabi: Ghitha Holding PJSC, the Abu Dhabi headquartered conglomerate that consolidates food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution and catering services, and a subsidiary of international holding company, released its financial results for 2023.

The group reported an operating profit of Dh254 million, reflecting their commitment to operational excellence and efficiency.

Ghitha achieved a milestone revenue of Dh4.6 billion, indicating a significant growth rate of +100% compared to 2022. This noteworthy growth, the company said, can be attributed to successful execution of strategic acquisitions, and a comprehensive expansion across diverse categories and geographies. The Group added that it has recorded nine consecutive quarters of revenue growth.

Mr. 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, Mr. Falal 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 with a 32 per cent increase in total assets, compared to previous year, reaching a significant Dh7.1 billion. The release added that 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.