Business | Features

GIH profit rises 28% to $334.2m

Global Investment House (GIH) reported on Sunday a 28 per cent increase in profit to 91.4 million Kuwaiti dinars ($334.2 million) for 2007 compared with 71.4 million dinars in 2006. This translates to an earnings per share (EPS) of 109 fils for 2007.

  • Staff Report
  • Published: 00:21 February 11, 2008
  • Gulf News

Dubai: Global Investment House (GIH) reported on Sunday a 28 per cent increase in profit to 91.4 million Kuwaiti dinars ($334.2 million) for 2007 compared with 71.4 million dinars in 2006. This translates to an earnings per share (EPS) of 109 fils for 2007.

The company's board has recommended a cash dividend of 50 per cent and a stock dividend of 10 per cent to shareholders.

The total cash dividend expected to be distributed is 43 million dinars ($157.2 million) compared with 34.2 million dinars ($125.11 million) in 2006, an increase of 25.7 per cent.

GIH's operating revenue increased 39.9 per cent to 154.4 million dinars ($564.6 million) compared with 2006. The fees, interest and dividend based revenues for the period stood at 51.2 million dinars ($187.4 million), which accounted for 33.2 per cent of the total revenues.

These fees were mainly derived from advisory, placement of private equity, asset management and other operations.

Maha K. Al Ghunaim, GIH's chairperson and managing director, said 2007 was another record year for the company.

The performance was distinctive in the sense that return on average shareholders' equity and return on average assets exceeded the international investment industry ratios reaching 32.2 per cent and 11.4 per cent respectively, he said.

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