GGICO announce AED 155 million net profit for First Quarter of 2008

GGICO announce AED 155 million net profit for First Quarter of 2008
 
 
Gulf General Investment Co. (GGICO), have announced a net profit of AED 155 million for the first quarter of 2008.
 
This is in comparison to AED 104.8 million for the same period of the previous year meaning a growth of 48 percent.
 
The company has also reported a revenue growth of 38 percent to AED 1.93 billion in comparison to last year’s AED.l.40 billion.
 
GGICO Managing Director Mohammed Abdalla Al Sari said that the “promising results of the first quarter have confirmed that we are on the right path to building on the substantial growth of the previous year”.
 
“To fund future expansion GGICO intends issuing mid term bonds on the international market, “added Al Sari. “We will be announcing the details at a later stage” he said.
 
In March, GGICO reported a net profit of AED 555 million for its 2007 end of year results.
 
Gulf General Investment Company (GGICO) is Dubai Financial Market listed Public Shareholding Company. This year GGICO is celebrating 35 years of excellence, having been established in the year 1973.
 
GGICO is a highly diversified group with business activities in Manufacturing, Industrial, Finance and Brokerage, Rental Real Estate, Freehold Real Estate, Trading, Insurance, Retail, Service, Transport & Hospitality