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GGICO Posts Dh198 Million First-half Profit
DUBAI — Gulf General Investment Company PSC, or GGICO, announced a net profit of Dh198 million for the first half of 2009, with revenues of Dh 3.1 billion.
The second quarter of 2009 recorded a profit of Dh154 million, compared to Dh44 million in the first quarter. Revenue was Dh1.50 billion, against Dh1.60 billion in the first three months.
GGICO’s results are the consolidation of its 24 subsidiaries and eight 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 recognised 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,” said Mohamed Al Sari, Managing Director of the Group.
Recently, GGICO had successfully completed the issuance of Dh500 million mandatory convertible bond, subscribed at 180 per cent.
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