GGICO swings back into black with Dh110m profit

Gulf General Investment Co. (GGICO) swung back into black in 2013, posting Dh110 million profits compared to Dh291 million losses in the previous year on back of real estate projects handover.

The company also prepaid all its banks one year ahead with its improved cash flow.

GGICO said all of its real estate projects started during the financial crisis were successfully completed and handed over to its customers.

The company started many new freehold projects and expects to complete them in stages during 2014 and 2015. It has not launched these projects and the launching is expected near to the completion.

Its revenues fell to Dh1.72 billion in 2013 from Dh1.93bn in the previous year while assets fell to Dh6.366bn from Dh6.58bn.

The retail, hospitality, insurance, manufacturing and real estate development division recorded a growth, reflecting a solid and strong performance of the company.

In 2014, the management expects a steady growth in revenue and net profit.