Ghitha Holding PJSC

What Ghitha actually owns and sells

As of: 2026-06-30

Ghitha Holding PJSC is the Abu Dhabi food and agriculture holding company identified on ADX as GHITHA. Its financial statements describe a private joint stock company whose ordinary shares are listed on ADX. This profile concerns that issuer and its consolidated group, not a similarly named food company in another country. It is a portfolio of production, processing and distribution businesses, not simply a supermarket operator.

The group earns revenue from fresh fruit and vegetables, dairy and protein, trading and distribution, and edible oils and fats. Activities include food imports and repacking, fresh and long-life milk, juices, poultry breeding and processing, feed production and oil refining. Customers buy physical products; the economics depend on product mix, yields, feed and commodity prices, factory utilisation, cold-chain reliability and collection of receivables. Investment holdings add a separate source of profit and volatility that is not equivalent to food sales.

Parent change and ownership concentration

As of: 2026-08-30

The current accounts state that IHC Food Holding transferred its entire holding to Two Point Zero Group PJSC, formerly Multiply Group, effective 30 November 2025. Ghitha remains a separate reporting company: the transfer of its controlling shareholder’s stake did not turn every asset of the new parent into a Ghitha asset. Older website references to the former parent should not override this dated disclosure.

The ownership table is the snapshot in the 2025 governance report, not a live shareholder register or a free-float estimate. Issued share capital at 30 June 2026 remained 241,600,000 shares of AED1 each. The issuer board page checked on 30 August 2026 names Mohammed Somar Ajalyaqin as chairman and Hamad Khlfan Ali Matar Alshamsi as vice chairman. The half-year announcement identifies Falal Ameen as chief executive. Concentrated control makes the terms of related-party transactions particularly important for outside shareholders.

Read ownership at the correct level

As of: 2026-06-30

The selected map below gives the interest of the immediate holding entity, not Ghitha’s ultimate economic percentage in every business. The accounts consolidate Al Ain Farms and NRTC Food Holding despite the displayed stakes being below half. A percentage alone therefore does not determine the disclosed control and accounting treatment. Conversely, a subsidiary’s fully owned operating company is not necessarily fully attributable to Ghitha’s own shareholders.

The dairy and protein platform combines milk and poultry businesses under Al Ain Farms, including the Arabian Farms and Al Jazira additions made in 2025. NRTC connects fresh-produce trading with international distribution and newly acquired processing. Royal Horizon is held through Zee Stores International. These nested interests explain why consolidated turnover can expand faster than the profit ultimately retained by shareholders of the listed holding company. The list is selected, not a complete legal register.

Factories, farms and distribution assets

As of: 2026-08-30

Al Ajban’s disclosed operating chain includes breeder houses, hatcheries, a slaughterhouse, processing, feed manufacturing and a quality laboratory. Al Ain Farms links local production in Al Ain with UAE distribution; Marmum adds another dairy business. Vertical integration gives the group control over more production stages, but also exposes it to feed costs, animal health and the utilisation of fixed assets rather than only the margin on purchased goods.

NRTC imports, exports and trades fresh produce; its Saudi operations extend the distribution footprint. Abu Dhabi Vegetable Oil Company processes edible oils and markets brands including Coroli. Zee Stores imports, repacks, stores and distributes food and non-food products. These capabilities should not be confused with a verified total of stores, hectares or production capacity: no comparable group-wide capacity total is asserted here. Half-year revenue was AED2722.723 million from the UAE and AED632.094 million from outside the UAE; the latter is an aggregate, not a Saudi-only figure.

Associates and non-cash gains

As of: 2026-06-30

Invictus Investment at 22.32% and Apex Investment at 46.8% are associates accounted for using the equity method, not wholly consolidated food divisions. Their underlying sales are not added in full to Ghitha’s group revenue. Anina Culinary Art, with a 45% interest, was classified as held for sale; equity accounting ceased on that classification. This distinction separates investment exposure from directly controlled operations.

In March 2026 Ghitha transferred a 1.7% interest in Apex as consideration for settling related-party loans. Consideration measured at AED204.783 million against an AED119.403 million carrying value produced an AED85.380 million gain. It was not a cash sale receipt. The group’s share of associate results nevertheless moved to an AED18.406 million loss from an AED48.187 million profit in the comparable half-year. A disposal gain and recurring associate earnings therefore tell different stories.

Annual and half-year financial record

As of: 2026-07-28

Annual 2025 statements carry an unmodified Deloitte audit opinion. The interim statements for the half-year ended 30 June 2026 carry a review conclusion, not an annual audit. The table converts source AED thousands to AED millions. Annual periods and half-years are separate comparisons; adding them together or extrapolating a half-year mechanically would misstate the reporting basis.

The exceptional 2024 profit included an AED2654.652 million gain on derecognition of a subsidiary. Its absence explains why the later annual profit is dramatically lower despite higher sales and gross profit; the earlier headline was not a sustainable food operating margin. In the latest half-year, higher sales and smaller discontinued losses lifted total profit, but the non-cash Apex gain also mattered. Neither the headline increase nor a single adjustment is a complete measure of recurring earnings.

Where operating growth is earned

As of: 2026-06-30

Dairy and protein is the largest revenue and gross-profit contributor in the latest half-year. Segment totals require the elimination row: sales between group companies are not additional sales to outside customers. Investment and other activities can report profit without food revenue, while finance costs and associate results influence profit before tax. Segment profit before tax must not be relabelled EBITDA.

Fresh-produce revenue rose to AED969.710 million from AED654.622 million, yet gross profit fell to AED110.848 million from AED127.835 million and profit before tax narrowed to AED0.451 million from AED38.481 million. This is a concrete warning against treating volume or acquired turnover as proof of stronger economics. Distribution scale, product mix, purchasing costs and overhead must be evaluated alongside sales.

Cash conversion, bank debt and refinancing

As of: 2026-06-30

Operating cash inflow fell to AED124.951 million from AED173.859 million despite higher profit. Inventory absorbed AED129.941 million and trade and other receivables absorbed AED195.489 million; trade and other payables provided AED207.941 million. Sales growth therefore required working capital. Cash purchases of property, plant and equipment were AED89.788 million, separate from biological-asset purchases and acquisition cash flows.

Bank borrowing increased while cash also rose. The cash-equivalent figure below excludes longer-term deposits and includes the small held-for-sale cash balance; it is not identical to balance-sheet cash and bank balances. A new AED570.000 million facility had AED370.000 million drawn at period end, bearing EIBOR plus a margin with quarterly interest and bullet repayment after three years from drawdown. Undrawn capacity is not cash. Related-party loans of AED205.000 million at year-end were settled through investments during the half-year; other related-party balances remain. Bank debt alone is not a complete measure of financial obligations.

Which profit belongs to Ghitha shareholders

As of: 2026-06-30

Consolidated profit includes earnings belonging to outside owners of subsidiaries. In the latest half-year, AED127.669 million total profit split into AED81.101 million attributable to Ghitha owners and AED46.568 million attributable to non-controlling interests. Similarly, group equity includes AED1433.330 million of non-controlling interests. Treating all group profit or all group equity as belonging to listed-company shareholders would overstate their economic claim.

The half-year dividend disclosure concerns AED27.849 million declared to non-controlling shareholders, with AED2.000 million paid. Those figures are not a dividend declared to ordinary Ghitha shareholders. A prospective shareholder should separate subsidiary cash distributions, holding-company distributable cash and any separately approved issuer dividend. This profile does not infer a yield, target price or current execution liquidity from the existence of the company route.

Completed acquisitions versus planned exits

As of: 2026-06-30

On 1 March 2026 NRTC Food Holding acquired 70% of each of Taaza Healthy Food Industries and Taaza Quality Foodstuff Trading. Consideration was AED11.280 million and AED6.720 million respectively. Purchase-price allocation remained provisional. The businesses contributed post-acquisition revenue of AED3.881 million and AED8.908 million, but also losses of AED4.937 million and AED2.623 million. Completed expansion therefore did not yet imply an immediately profitable contribution.

The Fisheries Group associated with Al Jaraf remained held for sale and scaled back; management remained committed to disposal, rather than reporting a completed sale. Anina was also held for sale, with AED25.912 million impairment recorded. The scaled-back trading operation was discontinued in the comparative period. These assets should not be presented as unchanged growth divisions merely because an older corporate website still lists them.

Plans and the risks that can interrupt them

As of: 2026-07-28

The half-year announcement describes a memorandum between Al Ain Farms Group and NRTC to launch Al Ain Taaza juices nationally during 2026. This is a stated plan, not evidence that a nationwide launch was already completed. Integration of fresh-cut produce, juice capabilities and distribution, together with ongoing SAP implementation, is intended to improve coordination and visibility. The commercial test is whether these investments improve margins, service and cash collection rather than simply enlarging the portfolio.

The principal analytical risks are food and feed inflation, import and logistics disruption, spoilage, biological health, quality failures, and slow customer payment. Acquisitions bring integration costs and possible revisions to provisional valuations; loss-making disposals can take longer than expected. Floating-rate borrowing and bullet maturity create financing exposure. Associate earnings, non-cash investment gains, minority interests and related-party transactions complicate the connection between group growth and shareholder returns. These are reasons to read the notes and cash flow, not predictions that a specific adverse event will occur.

Official contacts and information boundaries

As of: 2026-08-30

The public investor-relations contact is Mohammed Jasheer Mustafa, mohammed.jm@ghitha.com, telephone +971 26733161, extension 145. The general corporate address is info@ghitha.com. The published office is Business Avenue Tower, Unit 1501, Al Faymah Street, Al Danah, PO Box 53314, Abu Dhabi, UAE. These are issuer-published business contacts, not private personal contact details.

Financial figures are dated to the specific reports above; website descriptions and contacts were checked on 30 August 2026. Links lead to the issuer or official exchange documents, with report-page bindings for the relevant sections. The ownership snapshot is not continuously updated. The profile does not certify current order-book liquidity, exchange dealing restrictions or a completed future transaction; those require their own current disclosures. Information is provided for understanding the company, not as a recommendation to buy or sell.

Sources

1. S1 · Ghitha audited financial statements 2025 · 2026-01-29
2. S2 · Ghitha reviewed interim statements, H1 2026 · 2026-07-28
3. S3 · Ghitha H1 2026 results announcement · 2026-07-28
4. S4 · Ghitha corporate governance report 2025 · 2025-12-31
5. S5 · Ghitha official business descriptions · 2026-08-30
6. S6 · Ghitha official investor relations contacts · 2026-08-30
7. S7 · Ghitha official board page · 2026-08-30