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28-03-14

Gulf General Investment profit reaches USD29 m in 2013

(MENAFN) Gulf General Investment Co. (GGICO) posted a USD29Ù«94 million net profit in 2013 compared to USD79Ù«21 million net loss in 2012, according to the Emirates 24/7. Also the company could repay all its banks one year ahead with its improved cash flow. The company's revenue dropped to USD468 million in 2013 from USD525 million in 2012, while assets dropped to USD1Ù«732 billion during the same year from USD1Ù«791 billion.