The financial statements of Gulf General Investments Company showed that the company achieved losses of 46.5 million dirhams in the first quarter of this year.
According to the results published on the Dubai Financial Market website today, Thursday, the company's losses were aggravated by 34% compared to the losses of the first quarter of 2019, which amounted to 34.7 million dirhams. p>
According to the results, the 12% decline in revenue was among the reasons that led to the company achieving quarterly losses, as the value of revenue in the first quarter of this year amounted to 102.3 million dirhams. Compared with 116.2 million dirhams for the same period in 2019.
One of the reasons for the high losses of the company during that period was the increase in the loss from the change in the fair value of investments to 4.3 million dirhams, compared to 254 thousand dirhams during the corresponding quarter of 2019 , In addition to a 4% increase in financing costs.
The company's losses were 41.6% at the end of last year, compared to the losses of 2018.
