Gulf General Investment Co (GGICO) reported a robust profit of Dh110 million for the year 2013, as compared to the loss of Dh291 million in the previous year. The company also prepaid to all its banks one year ahead with its improved cash flow.
The company reported that all the Real Estate projects started during the global financial crisis were successfully completed and handed over to its customers. The company started many new freehold projects and expects to complete in stages during 2014 and 2015. Company has not launched these projects and the launching is expected near to the completion.
The retail, hospitality, insurance, manufacturing and real estate development division recorded a growth, reflecting a solid and strong performance of the company. In 2014, the management expects a steady growth in revenue and net profit.