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GIC net profit up 8pc

KUWAIT — Kuwait-based Gulf Investment Corp (GIC), owned by six Gulf Arab states, said yesterday its net profits for 2004 rose 8 per cent to $135.4 million on across-the-board revenue growth.

Profits were $125 million in 2003, added the investment company, which is equally owned by Saudi Arabia, Kuwait, Qatar, Oman, Bahrain and the United Arab Emirates.

Shareholders’ equity edged up to over $1.3 billion from $1.286 billion, while balance sheet assets moved up to $7.3 billion from $6.8 billion, the firm added in a statement.

“GIC recorded a revenue growth in all principal activities notably in direct investments, international markets, and free-producing activities utilizing the positive economic environment in GCC (Gulf) countries,” said Chairman Shaikh Fahad bin Faisal Al Thani. He said GIC continues to reap the benefits of its long-term strategy, approved in 2001, focusing on business diversification, managing risks and optimising resource allocation. “All these elements combined accounted for GIC’s increased profits during the past four years, and will positively affect its future profits,” Thani added.