Gulf General Investment posts $5.4m net profit
DUBAI, March 29, 2016
Diversified conglomerate Gulf General Investment Co (GGICO) has reported a net profit of Dh20 million ($5.4 million) for last year, as compared to Dh97 million in the previous year.
Mohamed Abdalla Juma Al Sari, group managing director and chief executive officer, said: “The reduction in the net profit was due to provisions in the insurance division.
"However, despite the tough market conditions the real estate development division, manufacturing, hospitality and retail divisions outperformed the industry performance.”
The new freehold projects are ongoing and will be launched during 2016 and 2017 as per market conditions, he added. - TradeArabia News Service
