{"id":100297,"date":"2025-02-03T00:00:00","date_gmt":"2025-02-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ghitha-holding-sees-aed-2-7-bn-net-income-in-2024\/"},"modified":"2025-02-03T00:00:00","modified_gmt":"2025-02-03T00:00:00","slug":"ghitha-holding-sees-aed-2-7-bn-net-income-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/03\/ghitha-holding-sees-aed-2-7-bn-net-income-in-2024\/","title":{"rendered":"Ghitha Holding sees AED 2.7 bn net income in 2024"},"content":{"rendered":"

Abu <\/strong>Dhabi-based food manufacturer Ghitha<\/strong> Holding reported AED 2.7 bn in <\/strong>net <\/strong>income last year<\/strong>, up from AED 43.2 mn in 2023, according to the company\u2019s financials (pdf)<\/a>. The International Holding Company (IHC) subsidiary\u2019s revenue rose by 8.9% y-o-y to AED 5 bn during the same period. <\/p>\n

The company attributed this top-line performance to its \u201corganic expansion, strategic acquisitions, and operational excellence,\u201d<\/strong> according to its <\/span>earnings release (pdf)<\/a>. The company\u2019s 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.<\/span><\/p>\n

Ghitha\u2019s 2024 investment spree: <\/strong>Its subsidiary Zee Stores International acquired a 70% stake<\/a> in Fujairah\u2019s International Food Industries for AED 41 mn in October. In July<\/a>, it acquired Saudi Sedco Holding\u2019s Arabian Farms, including assets in the UAE and KSA, for AED 240 mn. Back in March, Ghitha upped its stake<\/a> in Al Ain Farms by 12% for AED 61 mn and two of its subsidiaries laid the groundwork for cross-border acquisitions in February<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s revenue rose by 8.9% y-o-y to AED 5 bn during the same period<\/p>\n","protected":false},"author":1,"featured_media":100298,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[795],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-ghitha-holding","wpautop","entry"],"acf":{"mongo_id":"27f0b775-5f66-43b2-a987-08ead4915fde","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/998.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ghitha Holding sees AED 2.7 bn net income in 2024","related_issue":[100279],"teaser":"The company\u2019s revenue rose by 8.9% y-o-y to AED 5 bn during the same period","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.12fcad2c-5ad0-434f-843d-69843c9fd6dc.mp3"},"yoast_head":"\nGhitha Holding sees AED 2.7 bn net income in 2024 - 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