Kuwait City, March 27: Gulf Investment Corporation said on Saturday it posted 91 million dollars in net profit in 2009, swinging back from a massive loss of 996 million dollars in the previous year due to the global downturn.
The Kuwait-based company that is owned by the six member countries of the Gulf Cooperation Council (GCC) said its shareholders’ equity rose to 1.75 billion dollars at the end of last year, an increase of more than 1.1 billion dollars 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 said.
GIC was established in 1983 by the GCC and is owned equally by the six member states of the oil-rich bloc — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The corporation, which has authorised capital of 2.1 billion dollars, focuses on developing private enterprise and economic growth in the Gulf market by offering financial products and services.
—Agencies