Gulf General Investment Co. reverses previous losses into Dh25 million profit
Gulf General Investment Co (GGICO) reported a second quarter profit of Dh25 million ($6.8 million) on Wednesday.
The strong second quarter continues a growth trend for the Dubai-based company who last year reported a second quarter loss of Dh47 million ($12.7 million).
In a statement released by GGICO, the company said profit for the first 6 months of 2013 had reached Dh58 million compared to a loss of Dh41 million in the same period last year.
The company reported Dh902 million in revenue for the first half of 2013 compared to Dh989 million for the same period in 2012.Simon Philip, Assistant Managing Director at GGICO, said that its subsidiaries had performed well resulting in strong performance by the company.
“The absence of valuation losses further strengthened the result,” the statement said.
Philip said the company made a partial payment to December 2013 restructure obligations in March this year bringing the company ahead of obligated payments.
GGICO are obligated to make restructure payments until 2018, Philip said, following cash flow problems.
GGICO is a conglomerate with local and international interests in retail, hospitality, insurance, manufacturing, and real estate development.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects
- Dubai’s top construction firm Drake & Skull profits drop in Q3
- Gulf General Investment Co. reports second quarter profit of Dh25 m
- Gulf Bank posts profit of US$104.1m for first quarter of 2007
- Global Investment House – Kuwait Stock Exchange Performance
- KUWAIT INVESTMENT DAR CO. ANNOUNCES THIRD QUARTER RESULTS OF 2006