GFH to pay $85 million dividends

Manama : GFH Financial Group (GFH) will distribute cash dividends of 8.72 per cent of the nominal value of the ordinary shares (US$0.0231 per share) at a total amount not exceeding US$85,000,000. Distribution will commence within 10 days from the AGM date. 

Decision regarding this was taken during the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for the financial year ended 31 December 2017 held yesterday. 

Shareholders approved the Group’s 2017 financial results, which saw GFH report strong net profit of US$104.2 million for the year, which excludes one-off income recorded in 2016.

The meeting also gave nod for the election of new Member of the Board of Director, Mustafa Kheriba, who fills an existing vacancy and will join the Board for the current 2017 – 2019 term. 

Commenting, Jassim Al Seddiqi, Chairman of the Board of GFH, said, “We have entered 2018 in an excellent position to grow and to further unlock value from our diverse portfolio of financial and infrastructure assets.”

Looking ahead, Hisham Alrayes, GFH Chief Executive Officer, said, “With the momentum and progress of the past year, we move ahead in 2018 ready to embark upon a new era of expansion which will see GFH increase our transaction capacity, both in terms of deal numbers and size, pursue further profitable exists and maximise the value of our existing portfolios.”