Gulf Holding Company (GHC), a Kuwait-based diversified holding company, today announced that its Board of Directors had approved the company’s excellent year one financial results. Commenting on the results, Mr. Abdul Rahman Al Jasmi, Chairman, GHC, said: “GHC notched up a net profit of KD 11.795 million (US$ 40.575 million approx) in 2006, which was also its first full year of operations. The company also announced that its total assets rose by 43.5 per cent to KD 100.783 million (US$ 346.702 million approx) for fiscal 2006 compared to KD 70.207 million in 2005.”
Mr. Al Jasmi continued: “The results come as an endorsement on the success of GHC’s business strategy and the commitment and diligence of the executive management. We are confident that we have laid solid foundations for growth in the future as we expand geographically and actively diversify into other lines of business.”
Commenting on the company’s future plans, Mr Al Jasmi, stated: “Looking beyond the two projects, GHC’s long term strategic growth plan is highly focused on diversification into high growth areas including projects in other markets but not limited to real estate. GHC has entered into serious discussions with a diversified set of companies and institutions globally for possibilities of investments, partnerships, advisory and management roles amongst others.
Elaborating Mr. Ahmed Al Ameer, Vice-Chairman & Chief Executive Officer, GHC, said: “Having been established in November 2006, GHC in its first full year of operations the company has derived its excellent profit from an optimal mix of strategic investments in financial instruments and from sales at two of its flagship projects Villamar @ the Harbour and Downtown Al Areen, being set up at a total investment of US$ 900 million,” Mr Al Ameer added.
While the US$ 450 million Villamar @ the Harbour is Bahrain’s most advanced and exclusive residential complex spread over 32,000 square metres at the landmark Bahrain Financial Harbour (BFH), Downtown Al Areen spreads over 260,055 square meters along the main boulevard of the Al Areen development and features a unique mix of luxury apartments, townhouses, villas, restaurants, cafés and retail outlets creating Bahrain’s first true Downtown district.
Mr. Al Ameer added: “We have also identified few key markets that GHC will focus on, as part of its mid-term strategic expansion plans, namely Qatar, Kingdom of Saudi Arabia, UAE and India. Additionally, as part of our focus on enhancing shareholder value, GHC will be listed on the Kuwait Stock Exchange this year and has already obtained the approval from its Board of Directors for the same. Formal listing procedures would commence post receipt of approval for the planned listing at the company’s AGM later this month.”
About Gulf Holding Company (GHC)
Launched in November 2005, in the State of Kuwait, Gulf Holding Company is a Sharia’a compliant company. It has been specially set up to initially offer cutting-edge real estate investment products and services. In the long-term the company aims at diversifying in to a trusted holding company that boasts of smart, intelligent and value driven investment products and services. Core to its business model is the Signature Series which not just ensures Gulf Holding Company and its investors’ higher premiums and returns, through the exclusivity quotient, but also a very strong differential.
With a total paid-up capital of KD70 million, Gulf Holding Company initially floated a KD69 million placement offer to tap the investment potential of the real estate and infrastructure sectors of the region.
Today, the company already boasts of investments totalling US$ 900 million in two large-scale real estate developments in the Kingdom of Bahrain, namely: Villamar @ the Harbour at the Bahrain Financial Harbour and Downtown Al Areen at the Al Areen development.
