Ghitha reports AED 80mln in profit for Q2-2022 as sales hit new high

Ghitha reports AED 80mln in profit for Q2-2022 as sales hit new high

- The company continued to strengthen and grow its market position through acquisitions and organic growth.

- Revenue for Q2 at a record peak of AED 576 million.

Abu Dhabi, UAE: Ghitha Holding PJSC, the leading regional foodstuff trading and distribution company, and subsidiary of International Holding Company (IHC), has announced its second quarter results for 2022 with profit of AED 80.65 million, surging by more than 471% for the same period last year.

Ghitha reported record-breaking numbers, led by its revenue reaching AED 576 million, which shows immense growth of 276%, soaring up from AED 153 million in Q1-2021. It has overseen a solid push to expand the company’s product portfolio and become a key player in the food industry, which has lead to the company’s total assets crossing AED 4.1 billion for the first half of 2022, compared with AED 1.4 billion for the year ending 2021.

Ghitha’s strong set of 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