Abu Dhabi, May 1, 2024 (Globe Newswire) - Ghitha Holding PJSC (ADX: Ghitha), a prominent conglomerate based in Abu Dhabi, has unveiled its financial performance for the first quarter of 2024, showcasing remarkable growth and strategic prowess. The company, which consolidates various sectors including Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, Retail, and Distribution, is a subsidiary of International Holding Company (ADX: IHC).

In an announcement made today, Ghitha Holding reported a substantial total revenue of AED 1.3 billion for Q1 2024, marking an impressive 41% year-over-year growth. This achievement underscores the company's unwavering commitment to strategic foresight and operational excellence in a dynamic market landscape.

The financial performance of Ghitha Holding witnessed a notable upswing, with Total Assets surging by 20% to reach a significant AED 8.5 billion. This robust growth not only reflects the company's financial strength but also aligns with its strategic objectives of bolstering the National Food Security Agenda, a critical initiative in the region.

Mr. Falal Ameen, the Group Chief Executive Officer of Ghitha Holding, attributed this success to the company's adept execution of strategic acquisitions, market penetration, organic expansion, scalability, and diversification across multiple product categories. He emphasized that each aspect was carefully orchestrated, leading to an impressive momentum that solidifies Ghitha's position as a market leader.

The financial results highlight robust growth in revenue and gross profit, indicating the successful execution of planned initiatives. Operationally, Ghitha Holding remains committed to streamlining processes, optimizing resource utilization, and enhancing scalability to meet evolving market demands.

Mr. Ameen emphasized the company's unwavering dedication to financial and operational excellence, driving sustainable growth and value creation for its stakeholders. He noted that Ghitha Holding's sustained growth reflects its adaptability in an ever-evolving market landscape.

As Ghitha Holding continues to pursue its objectives, the company's Q1 2024 financial results underscore its resilience, strategic acumen, and commitment to delivering value in the sectors it operates in.