Dubai – Mubasher: Gulf General Investment Company's (GGICO) accumulated losses reached AED 1.746 billion during the first quarter (Q1) of 2020, representing 97% of the capital.

The accumulated losses are driven by asset impairment due to the challenges facing the market in the UAE during that period and AED 40 million finance charges, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.

To address the accumulated losses, the company's board is considering the settlement of some bank debts against bank guarantees.

It is noteworthy to mention that during the first three months of 2020, the company's net losses increased by 34% to AED 46.5 million, compared to AED 34.7 million in the year-ago period.