Sign in
Ghitha’s bottom line surges in 2023: International Holding Company (IHC) retail subsidiary Ghitha Holding ’s net income fell 87% y-o-y to AED 43.2 mn in 2023, the ADX-listed company said in its financial statements (pdf). The company’s revenues doubled y-o-y to AED 4.6 bn during the year, according to its earnings release (pdf).
Ghitha credited revenue growth to strategic acquisitions: Ghitha acquired WAS Commercial Investment back in April 2023, contributing AED 747.3 mn in revenues. The company also acquired a 45% stake in Anina Culinary Art for AED 36.7 mn during 2023, and formed a JV with its subsidiary Apex Commercial Investment to create APHE Restaurants Management.
Looking ahead: In the current fiscal year, the company’s “approach integrates key elements such as strategic acquisitions, supply chain efficiency, and focused marketing efforts, positioning us for continued growth and long-term profitability,” Ghitha CEO Falal Ameen said.
More on Ghitha: Founded in 2002 and previously known as Zee Stores, Ghitha Holding owns and operates businesses including Al Ain Farms, Apex Investment, Al Ajban Poultry, Alliance Food Company, Zee Stores International, Agrinv (Al Hashemiya), and others.
BHM Capital Financial Services’ net income rose 101.1% y-o-y to AED 31.5 mn in 2023,according to the company’s financials (pdf). The company’s revenues also rose 60.2% y-o-y to AED 136.7 mn. BHM Capital’s total assets also witnessed a rise of 61.2%, soaring to AED 1.2 bn.
