GFHokays US$85m dividend

GFH Financial Group (GFH) shareholders yesterday approved cash dividends at a rate of 3.34 per cent of the nominal value of the Group’s ordinary shares for a total amount of US$30 million  (equating to US$0.0087 per share). The shareholders also approved  the distribution  of US$55m of bonus shares at a rate of 5.97pc of the nominal value of a share, equating to 1 bonus share for every 16.74 shares held by the shareholders of GFH on the ‘record date’.

Approval was also given for the elimination of 207,547,170 treasury shares held by GFH, equating to 5.637pc of the total issued shares, while 20 million treasury shares will be retained for market making and liquidity provision activities. During the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for 2018, shareholders also reviewed and ratified the Group’s consolidated financial statements for 2018.

The Group delivered a net profit of US$115 million, an 11.4pc increase for the year.  Commenting, Jassim Al Seddiqi, Chairman of the Board of GFH, said, “We are pleased to announce yet another robust dividend for shareholders underscoring the success of the Group’s strategy and its continued ability to deliver strong and sustainable growth.”    

Hisham Alrayes, GFH Chief Executive Officer, added, “For a third consecutive year, we have shown that GFH’s strategy and focus on delivering growth and value is paying dividends for the Group, our investors and shareholders.” “We will continue with these efforts and expect even stronger results in the year ahead,” he added.