UAE Business: Ghitha Q2 profit zooms 471pc to $22m after sales soar – Gulf Digital News

UAE Business: Ghitha Q2 profit zooms 471pc to $22m after sales soar – Gulf Digital News

Ghitha Holding, a leading regional foodstuff trading and distribution company, has seen its second-quarter (Q2) profit zoom 471% to AED80.65 million ($22 million on the back of soaring sales.

A subsidiary of International Holding Company (IHC) the firm had posted AED14.1 million for the corresponding period last year.

Ghitha reported record-breaking numbers, led by its revenue reaching AED576 million, which shows immense growth of 276%, soaring up from AED153 million in Q1-2021.

Solid push

It has overseen a solid push to expand the company’s product portfolio and become a key player in the food industry, which has led to its total assets crossing AED4.1 billion for the first half of 2022, compared with AED1.4 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 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.

Agile response

"By being agile