The Gulf Investment Corporation (GIC) announced today its financial results for the fiscal year ending on December 31, 2022, which showed net profits of $131 million. This announcement comes in the wake of the Ordinary General Assembly’s approval of the Corporation’s financial statements, which was held on Sunday, April 16, 2023, at the Corporation’s headquarters in the State of Kuwait.
Commenting on this marked financial results, Mr. Mazen Ibrahim Abdulkarim, Chairman of the Board of Directors, stated, “With the grace of God Almighty, the Corporation was able to attain good levels of profitability for two consecutive years, despite challenging global and regional economic environments. He also iterated his high confidence in GIC’S business model and the soundness of its financial strength and liquidity profile. In addition to the excellent performance of the Corporation, which is evident through the reaffirmation of its credit rating by major international credit rating agencies.
Mr. AbdulKarim added, “The Corporation, with the aim of strengthening its role and its mission aimed at contributing to the development of the private enterprise and fostering economic growth in the Gulf region, has continued, through the Principal Investments Group, to invest in new as well as existing projects across the region, through a strategic partnership with local and international investors. In return, the Principal Investment portfolio has achieved remarkable development in performance and profitability indicators alongside production indicators”.
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For more information, please contact Mr. Khaled Al-Suraye, Head of Public Relations at GIC at: +965-22225426