Ghitha Holding reports revenues of Dh4.97 billion in 2024

Abu Dhabi: Ghitha Holding PJSC, an Abu Dhabi-based conglomerate and subsidiary of International Holding Company (IHC), reported a substantial increase in its full-year profit for 2024, reaching AED 2.56 billion, up from AED 30 million the previous year. Ghitha Holding reported a total revenue of Dh4.97 billion, reflecting an increase of 8.9 per cent compared to financial year 2023.

The Group's top-line performance was driven by organic expansion, strategic acquisitions, and the Group's continued commitment to operational excellence. Ghitha Holding's portfolio includes entities like Al Ain Farms, Marmum Dairy Farm, Apex Investment PSC, Al Ajban Poultry, and others, operating across sectors such as dairy, poultry, seafood, agriculture, retail, and distribution.

Ghitha's gross profit grew 25.8 per cent year-on-year to Dh977.7 million and booked a margin increase of 2.6 percentage points year-on-year to 19.7 per cent in the financial year 2024. The improvement in gross profitability was driven by a combination of cost efficiencies, strategic acquisitions, and synergies, contributing to a more optimised cost structure in FY-2024.

Ghitha's balance sheet remained strong and recorded an increase in total assets of 32.0 per cent to Dh9.3 billion in FY-2024.

Falal Ameen, Ghitha Holding's CEO, said, "2024 was a pivotal year for Ghitha Holding as we further strengthened our position as a key player in the region's packaged food and agriculture sector.

"Our achievements were driven by a deliberate focus to scale our operations, optimise efficiencies, and pursue strategic investments that align with our long-term vision. From expanding into new markets to enhancing the performance of our diverse portfolio, we continued to strengthen the Group's foundations for sustained growth," he added.