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GGICO announces profit of Dhs223m for the 9 months of 2009

  • United Arab Emirates: Wednesday, November 11 - 2009 at 16:09
  • PRESS RELEASE

Gulf General Investment Company PSC (GGICO) announced a net profit of Dhs223m for the nine months of 2009, in comparison of Dhs431m for the same period last year.

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  • Mohammed Abdalla Juma Al Sari.
    Mohammed Abdalla Juma Al Sari.

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The revenue for the first nine months was Dhs4.3bn, compared to Dhs6.2bn for the same period last year.

The fourth quarter of 2009 and first quarter of 2010 are expected to be more profitable since the company has more building handovers during these periods.

"All our subsidiaries contributed to this positive result, thanks to the diversification in industrial sectors"


remarked Mr. Mohamed Al Sari, Managing Director of the Group.
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Related site: http://www.ggicouae.com

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About GGICO:

GGICO is a Dubai Financial Market listed pubic shareholding company with widely diversified activities through its 32 subsidiaries and affiliates. The group has interests in manufacturing & industrial, investment & brokerage, real estate, insurance, retail, trading, transport, services and hospitality. GGICO is rated Ba1 by Moody's with stable outlook.

Recently GGICO had successfully completed the issuance of Dhs500m Mandatory convertible Bond, which was subscribed 180%.
Rima Ali Al Mashni Posted by Rima Ali Al Mashni
Wednesday, November 11 - 2009 at 16:09 UAE local time (GMT+4)

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