Abu Dhabi-based food manufacturer Ghitha Holding reported AED 2.7 bn in net income last year, up from AED 43.2 mn in 2023, according to the company’s financials (pdf). The International Holding Company (IHC) subsidiary’s revenue rose by 8.9% y-o-y to AED 5 bn during the same period.

The company attributed this top-line performance to its “organic expansion, strategic acquisitions, and operational excellence,” according to its earnings release (pdf). The company’s net income increase was driven by cost efficiencies, strategic acquisitions, and synergies, resulting in a more efficient cost structure during the year, according to the statement.

Ghitha’s 2024 investment spree: Its subsidiary Zee Stores International acquired a 70% stake in Fujairah’s International Food Industries for AED 41 mn in October. In July, it acquired Saudi Sedco Holding’s Arabian Farms, including assets in the UAE and KSA, for AED 240 mn. Back in March, Ghitha upped its stake in Al Ain Farms by 12% for AED 61 mn and two of its subsidiaries laid the groundwork for cross-border acquisitions in February.

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