Gulf General Investment Company PSC (GGICO) announced net profit of AED 198 million for the 1st half of 2009, with revenues of AED 3.1 billion.
The 3 months of second quarter 2009 recorded a profit of AED 154 million, in comparison to AED 44 million for the first quarter 2009. Revenue for the second quarter was AED 1.50 billion, compared to AED 1.60 billion in the first quarter.
GGICO’s results are the consolidation of its 24 subsidiaries and 8 affiliates, of which most of the subsidiaries and affiliates recorded profits and contributed to the successful results of the first half. GGICO’s Real Estate development division recognized revenues by adopting the new IFRIC 15 standard.
“Management is very pleased with our continued success and considers these positive results as ideal in this current global economic downturn, although the results are lower compared to the similar period last year. Our diversification in different activities, including industrial sector, and our conservative financial policy helped us to wither the financial crisis,” Commented Mohamed Al Sari, Managing Director of the Group.
GGICO is a Dubai Financial Market listed public shareholding company with widely diversified activities through its 32 subsidiaries and affiliates. The group has interests in manufacturing & industrial, investment & brokerage, real estate, insurance, retail, trading, transport, services and hospitality. GGICO is rated Ba1 by Moody’s with positive outlook.
Recently GGICO had successfully completed the issuance of Dhs. 500 million Mandatory convertible Bond, which was subscribed 180%.