FINANCIAL NEWS

Dubai’s GGICO reports 141% jump in Q3 earnings

21 Nov 2010

(MENAFN) Gulf General Investment Company (GGICO), the Dubai-based conglomerate, has recovered from a stormy start to the year and more than doubled its profits during the last three months, The National reported.

The group, which operates in the real estate, manufacturing and financial services sectors, recorded an increase in net profits of 140.46 percent to $14.4 million, which the company’s management said was driven by growth in its manufacturing and services operating companies.

Moddy’s credit ratings agency has given a B1 rating with a negative outlook to GGICO

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