Dubai – Mubasher: The net losses attributable to the owners of Gulf General Investment Company shrank to AED 49.34 million in the first nine months (9M) of 2022, versus AED 81.55 million in 9M-21.

The UAE-based firm generated revenues worth AED 307.90 million in 9M-22, lower than AED 353.52 million during the same period a year earlier, according to the financial results.

The basic and diluted loss per share stood at AED 2.75 in 9M-22, down from AED 4.55 in 9M-21.

During the third quarter (Q3) of 2022, the net losses attributable to the equityholders plummeted to AED 13.31 million from AED 15.62 million in Q3-21, whereas the revenues jumped to AED 111.30 million from AED 75.50 million.

Meanwhile, the basic and diluted loss per share declined to AED 0.74 in Q3-22 from AED 0.87 in Q3-21.

In 6M-22, Gulf General Investment posted an annual drop in net losses attributable to the shareholders to AED 36.03 million, compared to AED 65.92 million.

The DFM-listed firm suffered accumulated losses worth AED 1.82 billion as of 30 June 2022, which represented 101.82% of the capital.