17 July 2007
Gulf Investment Corporation (GIC) has registered, for this year's six month period ending June 30, a record-breaking net income after provisions of $212.9 million, a 27 per cent jump from the $167.2 million procured for the corresponding timeframe last year. The hike in profits has resulted in a return on equity of 26 per cent per annum and a rise in operating income of $52.2 million to reach $243.4 million. The balance sheet also continued to grow with total assets of the corporation closing at $8.322 billion, an increase of approximately $209 million, compared to 2006 levels.
Over the years GIC has been successful in developing a diversified range of revenue sources, laying the foundation for sustainable profitability. With its focus on the GCC countries, the corporation continued to reap the benefits of regional economic expansion, while investments in the global markets contributed towards overall profitability and provided benefits through diversification of risks.
Hisham Al Razzuqi, Chief Executive Officer of GIC, said: "In addition to the robust performance in terms of profitability, GIC successfully executed several landmark transactions during the first half of 2007.
The GIC lead Al Ezzel Power project in Bahrain became operational on schedule, a reflection of efficient execution. The team also successfully completed the Al Shuqaiq and Marafiq transactions, two major power and utilities projects in Saudi Arabia, consolidating our leadership in this sector. Within the metals sector, major expansion plans of Bahrain-based Gulf Industrial Investment Company have been initiated that would effectively double existing capacity."
Gulf Investment Corporation (GIC) has registered, for this year's six month period ending June 30, a record-breaking net income after provisions of $212.9 million, a 27 per cent jump from the $167.2 million procured for the corresponding timeframe last year. The hike in profits has resulted in a return on equity of 26 per cent per annum and a rise in operating income of $52.2 million to reach $243.4 million. The balance sheet also continued to grow with total assets of the corporation closing at $8.322 billion, an increase of approximately $209 million, compared to 2006 levels.
Over the years GIC has been successful in developing a diversified range of revenue sources, laying the foundation for sustainable profitability. With its focus on the GCC countries, the corporation continued to reap the benefits of regional economic expansion, while investments in the global markets contributed towards overall profitability and provided benefits through diversification of risks.
Hisham Al Razzuqi, Chief Executive Officer of GIC, said: "In addition to the robust performance in terms of profitability, GIC successfully executed several landmark transactions during the first half of 2007.
The GIC lead Al Ezzel Power project in Bahrain became operational on schedule, a reflection of efficient execution. The team also successfully completed the Al Shuqaiq and Marafiq transactions, two major power and utilities projects in Saudi Arabia, consolidating our leadership in this sector. Within the metals sector, major expansion plans of Bahrain-based Gulf Industrial Investment Company have been initiated that would effectively double existing capacity."
© Bahrain Tribune 2007
