Ghitha Holding Soars with 41% Revenue Growth in Q1 2024

Abu Dhabi-based conglomerate Ghitha Holding PJSC (ADX: Ghitha) has reported a stellar performance for the first quarter of 2024, achieving a remarkable 41% year-on-year (YoY) growth in total revenue, reaching AED 1.3 billion. This impressive surge underscores the company's commitment to strategic planning and operational excellence.

Ghitha's financial strength is further emphasized by a significant 20% increase in total assets, reaching AED 8.5 billion. This robust growth aligns perfectly with the company's strategic objectives of fortifying the national food security agenda of the United Arab Emirates. The company's performance demonstrates consistent progress in both financial and operational efficiency, all contributing to its overarching goals.

Falal Ameen, Group Chief Executive Officer of Ghitha Holding, attributed the growth to the company's strategic execution across various aspects. "This remarkable surge is a testament to our strategic acumen," said Mr. Ameen. "Through adept execution of strategic acquisitions, market penetration, organic expansion, scalability, and diversification across multiple product categories, we have achieved impressive momentum, solidifying our position as a market leader. This sustained growth reflects our unwavering commitment to adaptability in a dynamic market landscape."

Ghitha's financial performance is marked by robust growth in both revenue and gross profit, indicating the successful implementation of its planned initiatives. Operationally, the company remains focused on streamlining processes, optimizing resource utilization, and enhancing scalability to meet the ever-evolving demands of the market. As Ghitha continues to pursue its objectives, its dedication to financial and operational excellence remains unwavering, driving sustainable growth and value creation for its stakeholders.