GGICO announces losses for 2016, despite increase in operating profits
Revenues down slightly as were value of total assets
Gulf General Investment Co (GGICO) on Tuesday announced that it lost Dh47.8m in 2016. The statement, released on the DFM, did not include any reason for the loss.
Revenues for the year were down almost 6 per cent at Dh888m. Net operating profits, which stood at Dh377m, were up, showing an increase of around 47 per cent over 2015.
The company also reported a slight decrease in total assets, which were down a over two per cent to Dh6.027b. Shareholders equity decreased by around 8 per cent to Dh961m.
In November of last year, GGICO reported that it was in talks with banks to restructure loan facilities with banks totaling Dh2.36b. It was the second time over the past five years that the company, which has investments in financial services, property, hospitality, manufacturing and retail, has been forced to renegotiate its financial commitment.
