Gulf General Investment Co. PSC (GGICO) has reported a profit of Dh25 million in the second quarter of this year compared to a loss of Dh 47 million for the same period last year.

For the six months of 2013, the company reported a profit of Dh58 million as compared to the loss of Dh 41 million for the same period last year.

Revenue for the six months is Dh902million as compared to Dh989 million for the same period in the previous year.

Most of the divisions of the company, including retail, hospitality, insurance, manufacturing and real estate development, positively contributed to the performance of the company. The absence of valuation losses further strengthened the result.

The company further informed that they are up-to-date with the restructure payments and has paid ahead part of the December 2013 obligation. The total bank debt of the group has reduced by Dh160 million during the past six months.