Printer Friendly

Gulf Holding profit tops $21m.

(Dateline: Manama )

Kuwait-based Gulf Holding Company (GHC), which is developing the $650 million Villamar @ the Harbour in Bahrain, has announced a net profit of 5.78 million Kuwaiti dinars ($21.61 million) for the year 2007-08.

Earnings per share reached 7.51 fils, total shareholders' equity was 96.10 million dinars and total value of assets was 185.00 million dinars.

The board has proposed the company's maiden dividend of 10 per cent as bonus shares.

'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,' said GHC chairman Abdul Rahman Al Jasmi.

'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 $190 million sukuk bond issue on the Dubai International Financial Exchange.'

'Another significant initiative was our foray into the fast-growing North African market through our acquisition of the 400,000-square-metre touristic zone of the Royal Resort Cap Malabata project in Morocco.'

'GHC is well-attuned and responsive to the business dynamics of the market as well as investment needs of its discerning clients,' said chief executive officer Ahmed Al Ameer.- TradeArabia News Service

Copyright 2008 www.tradearabia.com

Copyright 2009 Al Hilal Publishing & Marketing Group

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2009 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:TradeArabia (Manama, Bahrain)
Article Type:Financial report
Date:Oct 8, 2009
Words:272
Previous Article:Al-Futtaim in $365m loan deal for Cairo project.
Next Article:Carrefour UAE donates food supplies for needy.


Related Articles
Shell is on pounds 1.5m per hour profit.
Dubai bourse revenues rise.
Kipco profit surges despite global crisis.
Background To The Barclays Deal.
Financial crisis hits insurance firms.
Al Salam Bank profit rises 6.5pc to $21m.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |