The Gulf Investment Corp (GIC) has reported a net income of $111.7 million after tax and provisions for 2000, reported the Gulf News on Monday.
The corporation is equally owned by member states of the Gulf Cooperation Council (GCC).
The 2000 audited results were approved at GIC's general assembly on Saturday, said the paper. GIC has also paid a dividend totaling $60 million for 2000. Shareholders' equity totaled $1.32 billion last year against $1.28 billion in 1999, said the paper.
Deposits were $12.91 billion compared to $12.73 billion.
"The group's prudent and disciplined approach to risk-taking enabled us to derive superior returns from a diversified asset base. The timely scaling down of exposures to global equity markets combined with efforts to enhance fee-based income and income from direct investments were the primary contributors to 2000 income," group chief executive, Khaled Al Fayez said.
"The group has consistently endeavored to optimize its mix of risk assets and is well positioned to take advantage of the opportunities that may arise in the coming years," he added.
Assets rose to $19.6 billion last year.
GIC invested in seven projects, the most prominent being the acquisition of a 50 percent stake in Gulf Industrial Investment Co, Gulf News said.
The total acquisition value was $183 million – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
