Dubai – Mubasher: Gulf General Investment Co. (GGICO) on Sunday reported a net profit of AED 8 million ($2.17 million) in the first three months of 2016, down 62% from AED 21 million ($5.7 million) in the same period last year.
The company’s revenues stood at AED 212 million in Q1-16.
The profit decline is attributed to not taking into account several units which were only partially sold during the quarter and which are in various stages of completion, the company said in a bourse filing.
“We recorded a solid first quarter for 2016 and remain confident in our continued growth for the remainder of the financial year. In fact, we are particularly optimistic about the state of the insurance sector given our continued strong performance in Saudi. This gives us confidence in a stable future for the group going forward,” said GGICO vice chairman and managing director Mohamed Abdalla Juma Al Sari.
