GIC returns to growth with $91m profit

GIC returns to growth with $91m profit. (REUTERS)

Kuwait-based Gulf Investment Corporation (GIC) posted $91 million (Dh334m) net profit in 2009, swinging back from a massive loss of $996m in the previous year due to the global economic downturn.

The company – owned by the Gulf Co-operation Council (GCC) – said its shareholders' equity rose to $1.75 billion at the end of last year, an increase of more than $1.1bn in 2008.

Chief Executive Officer Hisham Al Razzuqi said GIC has significantly enhanced the quality of its balance sheet, reduced overall leverage and increased its capital base.

"We are now on a solid platform for continued profitability and growth," he added.

The corporation, which has an authorised capital of $2.1bn, focuses on developing private enterprise and economic growth in the Gulf market by offering financial products and services.

 

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