GGICO announces US$150 million net profit, 100% bonus share issue
Gulf General Investment Company (GGICO) announced a net profit of AED 555 million for its 2007 end of year results at its annual general meeting yesterday. The Dubai-based investment company also announced a 100 percent bonus share issue that has increased the company’s capital to AED 1.08 billion.
The meeting was attended by GGICO board members and major shareholders along with GGICO Chairman Mr. Abdalla Juma Al Sari who addressed those present.
Al Sari said he was very happy to announce that revenue had nearly doubled to AED 5.59 billion over the last year, and went on to highlight some of GGICO’s other key accomplishments. “Over 2007, GGICO saw its profits increase 36 percent on 2006, while shareholders equity increased 41 percent to AED 2.81 billion,” Al Sari said.
It was also announced that GGICO’s return on capital had risen to 103 percent and that the company’s total assets were now valued at AED 6.92 billion. To fund future expansion GGICO intends issuing mid term bonds on the international market. “The details will be announced at a later stage” he said.
Gulf General Investment Company (GGICO) is Dubai Financial Market listed Public Shareholding Company. This year GGICO is celebrating 35 years of excellence, having been established in the year 1973. GGICO is a diversified group with business activities in Manufacturing, Industrial, Finance and Brokerage, Rental Real Estate, Freehold Real Estate, Trading, Insurance, Retail, Service, Transport & Hospitality