GIH records 142pc rise in Q1 revenues

DUBAI — Global Investment House (GIH) yesterday announced a net profit of KD 9.8 million for the 1st quarter of 2005, which translates into an EPS of 44 fils compared to 17 fils recorded in the 1st quarter 2004. Total revenues for the period stood at KD12.5 million with an increase of 142 per cent compared to the same period of last year.

By A Staff Reporter

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Published: Sun 24 Apr 2005, 10:20 AM

Last updated: Thu 2 Apr 2015, 4:09 PM

Anwar Abdulla Al-Nouri, Chairman of the Board, said the first quarter has been enriched with prominent achievements as the assets under management reached KD1.16 billion.

He said that Global had launched two new companies during the period, raising a total of KD60 million in capital. The first was Al-Soor Financing & Leasing Company KSCC, with a capital of KD30 million. The second company was First Bahrain Real Estate Development Company, with KD30 million in paid-up capital. The first project of First Bahrain Real Estate Company is to build high-rise residential towers with a cost of KD23.

Al-Nouri said that the company introduced two new indices during the first quarter, the Global GCC Large Cap. 30 Index and the Global GCC Investable 100 Index, adding that they will be a part of the company's series of indices, leveraging the success of Global's indices which cover the Kuwait Stock Exchange (KSE).

Al-Nouri added that Global has acquired 13.33 per cent stake in Al-Israa Private University, one of the first private universities in Jordan in addition to 11.7 per cent in Oman Investment & Finance Company, a Omani based financing and debt collection company.

Global also acquired a 25 per cent stake in Emaar Financial Services Company, established in the UAE by an alliance between Amlak Financing Co. and Emaar Real Estate Co. The new company will provide a wide range of financial services including brokerage, financial analysis, and feasibility studies for individuals and businesses. During the initial phase, the company will provide its services to investors in the Dubai and Abu Dhabi Stock Exchanges.



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