GGICO H1 profit jumps 94pc to $137m
Dubai, July 2, 2008
Dubai-based diversified industrial Gulf General Investment Company (GGICO) has announced a 94 per cent jump in its profit during the first half of 2008 which soared to Dh505 million ($137.4 million) from Dh260 million ($71 million) last year.
The company also saw an increase in its revenue which surged 54 per cent to Dh4.3 billion for the first six months of 2008 when compared to Dh2.8 billion for the same period last year.
“All our subsidiaries and affiliates, especially the manufacturing, industrial and trading units have contributed positively to the growth of the group,” said Mohamed Ali Al Sari, deputy managing director of the group.
GGICO is a Dubai Financial Market-listed public shareholding company with widely diversified activities through its 30 subsidiaries and affiliates.
It has interests in manufacturing and industrial, investment & brokerage, real estate, insurance, retail, trading, transport, services and hospitality.
The group has been rated BAA2 by Moody’s and BBB by Fitch.-TradeArabia News Service