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GGICO posts Dh53.5m profit in third quarter
DUBAI — Gulf General Investment Company PSC, or GGICO, on Sunday announced that it posted a net profit of Dh53.5 million for the third quarter of 2010.
This is significantly higher in comparison to the Dh22.2 million figure for the same period — three months ending on September 30 — last year.
For the nine-month period,net profit was at Dh17.1 million versus Dh242.1 million in the same period in 2009.
Revenue for those nine months was Dh1,977 million against Dh4,313 million last year.
“Most of our manufacturing and services operating companies contributed to the positive result of the group for the third Quarter. Our second and third quarter results reflects the quarterly trend. However, our cumulative for nine months resulted in a lower profit due to a non-recurring on-off transaction in the first quarter of 2010,” Group Managing Director Mohamed Al Sari said.
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