The Gulf Investment Corporation (GIC) announced a net income of $85.3 million for 2001 and that it will distribute a 10 percent dividend on a paid-up equity capital of $750 million, reported WAM.
GIC’s net income results represent a return on paid-up capital of 11.4 percent and a return on equity of 8.3 percent. Operating revenues almost doubled to $100.5 million compared with the previous year with related expenses remaining close to the same level.
The six member states of the Gulf Cooperation Council (GCC) founded the GIC in 1983. The Coporation, which is based in Kuwait, is involved in funding in a wide range of industrial and agricultural projects in the GCC countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
