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Gulf Medical Projects’ profits skyrocket 1,237% in Q3

Gulf Medical Projects’ profits skyrocket 1,237% in Q3
Profits jumped to 1.429 billion ($388.97 million) in Q3-17, from AED 106.84 million ($29.08 million) in Q3-16, according to a bourse filing
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Abu Dhabi – Mubasher: Gulf Medical Projects Company on Tuesday stated that its profits surged 1,237% in the third quarter of 2017, compared to the year-ago period.

Profits reached AED 1.429 billion ($388.97 million) in Q3-17, compared to AED 106.84 million ($29.08 million) in Q3-16, according to a bourse statement.

Total properties increased 45.6% to AED 708.04 million, from AED 486.35 million.

The medical projects firm attributed the growth in its year-on-year net profits to achieving exceptional profits of AED 1.422 billion due to selling a subsidiary, lands, and buildings related to the company.