Business & Money
GGICO Reports Profit of AED 115million
Gulf General Investment Co. PSC (GGICO) reported a profit of AED 115million for the year 2014, as compared to a profit of AED 110million in the previous year.
- Bank payments up-to-date
- Real estate launches highly successful with 100% sell-out
- Commenced many new projects
Gulf General Investment Co. PSC (GGICO) reported a profit of AED 115million for the year 2014, as compared to a profit of AED 110million in the previous year.
The company is also up-to-date with its bank payments, with partial pre-payments one year ahead.
GGICO 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. The company also announced that it had started many new freehold projects and expects to complete them in stages, starting 2015. More sales launches are expected in 2015 and 2016.
The highlights are as follows:
| Item | 2014 | 2013 |
| Revenue | 1,375 | 1,710 |
| Gross Profit | 280 | 315 |
| Net Profit | 115 | 110 |
| Total Bank Debts | 2,807 | 3,124 |
| Total Assets | 6,113 | 6,366 |
GGICO’s retail, hospitality, insurance, manufacturing and real estate development division recorded a growth, reflecting a solid and strong performance of the company.
In 2015, the Management expects a steady growth in net profit.