Annual Reports
Ghitha Holding P.J.S.C's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Ghitha Holding PJSC — FY2025 Annual Report (Consolidated Financial Statements) — FY2025
Latest report: revenue up to AED 5.58bn, a new parent (Two Point Zero), and the poultry roll-up that shows how the group grows. · Open the full document →
Directors' Report — p. 3 · Read the full section →
The only management-voice page — its headline is that 2025 revenue grew but profit fell sharply as 2024's one-off gain washed out.
Revenue rose ~14% to AED 5.58bn, but continuing-ops profit fell to AED 213m from AED 2.86bn a year earlier.
Revenue for the year from continuing operations amounted to AED 5,580,160 thousand (2024: AED 4,915,873 thousand) and profit for the year from continuing operations was AED 212,656 thousand (2024: AED 2,860,828 thousand).
p. 3 · Read in context →
Independent Auditor's Report — Key Audit Matters — p. 4 · Read the full section →
Deloitte flags the two areas of most judgement: recognising a high-volume, multi-stream revenue base and valuing the year's acquisitions.
Note 1 — General Information — p. 18 · Read the full section →
Discloses a control change: IHC Food Holding handed the company to Two Point Zero Group (ex-Multiply) in late 2025 — a new parent atop the IHC orbit.
New parent from 30 November 2025 — shares transferred from IHC Food Holding to Two Point Zero Group PJSC.
During the year, IHC Food Holding LLC, the former Parent of the Company, transferred its entire shareholding in the Company in an extra ordinary general meeting to Two Point Zero Group PJSC (“2Point Zero”) (formerly, Multiply Group PJSC), as a result of which 2Point Zero became the Parent of the Company, effective 30 November 2025
p. 18 · Read in context →
Consolidated Statement of Profit or Loss — p. 13 · Read the full section →
Shows earnings quality plainly: operating profit grew, but 2024's AED 2.65bn gain on derecognising a subsidiary — not trading — is why headline profit collapsed year-on-year.
Note 3 — Material Accounting Policies: Revenue Recognition — p. 28 · Read the full section →
The policy that defines the business model — a food distributor recognising revenue at the point control passes on delivery.
Revenue is booked at a point in time — when goods are delivered to the customer's location.
The Group recognises revenue from sale of food and non-food items at a point in time. Sales of goods to the customers mainly include one performance obligation, revenue is recognised when control of the goods has transferred, being when the goods have been shipped to the customer’s specific location (delivery).
p. 28 · Read in context →
Note 6 — Business Combinations — p. 51 · Read the full section →
The growth engine in detail — the group builds by acquiring, this year two Dubai poultry/egg farms folded into Al Ain Farms.
2025 acquisitions: Arabian Farms (AED 240m) and Al Jazira Poultry (AED 255m), both bought via Al Ain Farms.
Effective 1 January 2025, Al Ain Farms for Livestock Production PJSC (“Al Ain Farms”), a subsidiary under the Group, acquired a 100 per cent equity interest in Arabian Farms Investment LLC (“Arabian Farms”) for a cash consideration of AED 240,000 thousand. […] Effective 1 May 2025, Al Ain Farms for Livestock Production PJSC (“Al Ain Farms”), a subsidiary under the Group, acquired a 100 per cent equity interest in Al Jazira Poultry Farm (“Al Jazira Poultry”) for a cash consideration of AED 255,000 thousand.
p. 51 · Read in context →
Note 29 — Related Party Transactions and Balances — p. 83 · Read the full section →
Company-specific dependence worth watching — as an IHC/Two Point Zero affiliate, a large slice of revenue and financing runs through related parties.
Related-party revenue reached AED 537m in 2025 (note 29.2); the note defines the counterparty web under common control.
The Group enters into transactions with companies and entities that fall within the definition of a related party as defined in the International Accounting Standard (IAS) 24 Related Party Disclosures.
p. 83 · Read in context →
Note 33 — Segment Reporting — p. 92 · Read the full section →
How the money is actually made — five segments, with dairy & protein now the largest revenue and profit pool.
The five reportable segments the CEO manages the group by.
The Group is organised into five reportable segments namely, fruits and vegetables, dairy and protein, trading and distributions, edible oil and fats and, investments and others.
p. 92 · Read in context →
Note 34 — Financial Risk Management — p. 94 · Read the full section →
The leverage and market-risk picture behind the growth — net debt of AED 2.24bn against equity, plus currency, interest-rate and credit exposures.
Capital is managed to gearing; 2025 net debt/equity was 0.29 (AED 2.24bn net debt), up from 0.26.
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital.
p. 94 · Read in context →
Zee Store PJSC — FY2020 Annual Report (Financial Statements) — FY2020
The 'before' snapshot: a single food-importer with AED 289m revenue that IPO'd in Dec 2020 — five years before it became a AED 5.58bn multi-segment group. · Open the full document →
Directors' Report — Principal Activities & Results — p. 3 · Read the full section →
Shows the original, narrow business — trading and importing packaged food — and a revenue base ~1/19th of today's.
In 2020 the whole company was a food importer/re-packager earning AED 289m — the starting point of the roll-up.
The principal activities of the Company include the trading and importing of fresh consumables, canned, preserved and frozen foods and providing re-packaging and wrapping services. […] Revenue for the year amounted to AED 289,029,171 (2019: AED 302,999,460) and profit for the year was AED 12,295,273 (2019: AED 18,636,453).
p. 3 · Read in context →
More annual reports
Ghitha Holding PJSC — FY2024 Annual Report (Consolidated Financial Statements) — FY2024 · 83 pages · The year of the AED 2.65bn one-off gain on derecognising Apex Investment — the spike that makes 2025's profit look like a collapse. · Open →
Ghitha Holding PJSC — FY2023 Annual Report (Consolidated Financial Statements) — FY2023 · 83 pages · Early build-out year — documents the NRTC and Al Ain Farms combinations that assembled the current segment mix. · Open →
Ghitha Holding PJSC — FY2022 Annual Report (Consolidated Financial Statements) — FY2022 · 83 pages · First consolidated year post-rename to Ghitha: revenue leapt to AED 2.28bn from AED 546m as subsidiaries were folded in. · Open →