Gulf General Investment Company (GGICO) announced a profit of Dh505 million for the first half of 2008, up 94 per cent against Dh260m in the same period last year.

The revenue also surged 54 per cent to Dh4.3 billion for the first six months of 2008, in comparison to Dh2.8bn the same period last year.

"All our subsidiaries and affiliates, especially the manufacturing, industrial and trading units, have contributed positively to the growth of the group," said Mohamed Ali Al Sari, Deputy Managing Director of the group.

GGICO is a Dubai Financial Market listed public shareholding company with widely diversified activities through its 30 subsidiaries and affiliates. The group has interest in manufacturing and industrial, investment and brokerage, real estate, insurance, retail, trading, transport, services and hospitality.

The stock closed higher on DFM at Dh8.07, rising 38 fils yesterday.