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Global Investment House reports $162 million profit

DUBAI — Global Investment House — Global — has announced a net profit of KD46.7 million ($162 million) for the first half of 2007 with an EPS of 56 fils per share, whereas the company's revenues reached KD73.5 million ($255 million) compared to last years KD49.3 million.

During the same period last year net profit reached KD34.5 million ($119 million).

Shareholders equity increased from KD244 million ($847 million) at the end of 2006 to KD275 million ($955 million), while the company's total assets under management (AUM) have increased to KD2.390 billion ($8.3 billion) for the first half of 2007 compared to KD1.928 billion ($6.681 billion) for the same period in 2006.

Maha Al Ghunaim, Global chairperson and managing director, said that during the last quarter the firm maintained its active role to add value to the GCC and regional capital markets utilising diversified financial tools and keeping abreast of the international developments through its strategic investments, which was reflected in further acquisitions and world-class ratings for Global's products.

"During the last quarter, Global has seen several significant milestones on various levels from its position as a major player on the investment scene in the region. Two of these milestones were obtaining the licence for Global Investment House-Saudi (Global-Saudi) which will allow us to directly operate in Saudi Arabia, and the signing of a $300 million syndicated loan which involved 29 local and international banks."

In June, Global received the licence to open Global Investment House Saudi Arabia (Global-Saudi) as a Saudi joint stock company with a capital of 50 million Saudi Riyals.