Gulf General Investment’s losses retreat in H1-22; accumulated losses announced

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Dubai – Gulf General Investment Company has incurred net losses attributable to the owners worth AED 36.03 million during the first half (H1) of 2022, lower than AED 65.92 million in H1-21[IE1] .

Revenues plummeted to AED 196.60 million in H1-22, compared to AED 278.01 million in H1-21, according to the income statements.

The basic loss per share stood at AED 2.01in the first six months (6M) of 2022, versus AED 3.68 during the same period a year earlier.

Meanwhile, the accumulated losses amounted to AED 1.82 billion as registered at the end of June 2022, accounting for 101.82% of the capital.

During the second quarter (Q2) of 2022, the net losses attributable to the shareholders of Gulf General Investment plunged to AED 15.91 million [IE2] from AED 50.87 million in Q2-21.

The company’s revenues reached AED 76.98 million in April-June 2022, a drop from AED 127.32 million in the year-ago period.

The basic loss per share fell to AED 0.89 in Q2-22 from AED 2.84in Q2-21.