Kuwait-based Gulf Holding Company (GHC) made a net profit of KD5.78 million (Dh80m) for the financial year 2007-2008, with earnings per share at 7.51 fils, total shareholder's equity at KD96.10m and total value of assets of the firm at KD185m, it has announced.
Subject to approval by the annual general meeting (AGM), the board of directors has proposed the company's dividend of 10 per cent as bonus shares.
Commenting on GHC's performance over the three years since it began operations, Chairman Abdul Rahman Al Jasmi said: "Despite the worldwide turmoil in the financial markets, 2008 was a noteworthy year for GHC and we are pleased with the growth in the annual revenue the company has achieved over the past three years. This sterling accomplishment is evidence of our sound corporate values and the strong foundation on which the company is built, with our management team exhibiting a remarkably innovative approach to risk management during these turbulent times.
"The year gone by has witnessed the implementation of some of our most ambitious plans, including the highly successful listing of our subsidiary Villamar Sukuk Company's $190m (Dh698m) sukuk issue on the Dubai International Financial Exchange ," he said.
"Another significant initiative was our foray into the fast-growing North African market through our acquisition of the 400,000 sq m Touristic Zone of the Royal Resort Cap Malabata project in Morocco, where we are in the process of developing the $383m mixed-use Villa Royale project as part of our exclusive Signature Series," said Al Jasmi.
Ahmed Al Ameer, Vice-Chairman and CEO of GHC, said: "Gulf Holding is well-attuned and responsive to the business dynamics of the market as well as the investment needs of its discerning clients. Our financial results clearly reflect the prudent approach we have taken to chart the firm's path to sustainable growth.
"Our team has achieved tremendous progress in executing our business plan under recessionary conditions, thereby ensuring strong growth in revenues and a healthy balance sheet that promises stable long-term returns for our stakeholders," said Al Ameer.
One of the flagship projects in GHC's current portfolio is the $650m, 35,900 sq m Villamar at the Harbour at Bahrain Financial Harbour.
By Staff Writer
© Emirates Business 24/7 2009
