Business & Money | Tuesday 29 March, 2016 4:08 pm |

Diversified conglomerate Gulf General Investment Co. PSC (GGICO) reported a net profit of AED 20 million for the year 2015, as compared to a profit of AED 97 million in the previous year.

“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.” commented 

Mr. Mohamed Abdalla Juma Al Sari – Group Managing Director and CEO of GGICO. He added that new freehold projects are ongoing and will be launched during 2016 and 2017 as per market conditions.

The highlights of the result are as follows:

Gross Profit for the year is AED 255 million as compared to AED 199 million in the previous year. The revenue for the year is AED 940 million as compared to AED 1,075 in the previous year. Company’s bank debts reduced to AED 2.6 billion as compared to AED 2.8 billion in the previous year. The company has total assets of AED 6.2 billion.