Gulf General Investment Co (GGICO), a conglomerate with widely diversified activities in manufacturing, industrial, financing, insurance, retail, gourmet services, trading, transport, hospitality, real estate development and investment in shares and securities, has reported a Dh115 million ($31.3 million) profit for last year, as compared to a profit of Dh110 million in the previous year.

The company is also up-to-date with its bank payments, with partial pre-payments one year ahead, said a statement.

GGICO has reported that its recent real estate sales launches were highly successful, with all units sold, although the sales will be recorded in 2015 upon building completion, as per IFRS standard.

It also announced that it had started many new freehold projects and expects to complete them in stages, starting this year, with more sales launches expected this year and the next.

Meanwhile, GGICO’s retail, hospitality, insurance, manufacturing and real estate development division recorded a growth, reflecting a solid and strong performance of the company, said the statement.

The management expects a steady growth in net profit this year, it added. - TradeArabia News Service