GFH H1 profit grows 13.9% to US$42.18 million

TDT | Manama                                                             

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group yesterday reported profits for the second quarter and first half 2022, attributing the increases mainly to income generated from the placement of the Group’s global investments, commercial banking business and sustainable infrastructure platform.

Second quarter net profit attributable to shareholders was US$23.06 million up 10.2% from US$20.92 m in the year-ago quarter reflecting continued steady growth and progress. Earnings per share was US cents 0.67 compared to US cents 0.68 for the comparative quarter of 2021. Total income was US$91.95 m compared to US$90.62 m in the prior-year quarter, a rise of 1.5%. 

Consolidated net profit was US$26.03 m compared with US$24.81 m in the year-earlier quarter, an increase of 4.9%. Total expenses were US$65.92 m compared to US$65.82 m in the comparative period of 2021, an increase of 0.2%. H1 results Net profit attributable to shareholders rose 13.9% to US$4 2.18m compared t o US$37.04 m in the year-ago period.

Earnings per share was US cents 1.22 compared to US cents 1.21 a year ago. Total income was US$182.76 m versus US$181.01 m for the 2021 period, an increase of 1.0%. Consolidated net profit increased by 2.8% to US$45.38 m from US$44.15 m in the first six months of 2021. Total expenses were US$137.39 m up 0.4% from US$136.87 m for the first six months of 2021.

Commenting, Ghazi Al Hajeri, Chairman of GFH, said, “The aim is to accelerate growth and investments in sustainable infrastructure assets and environments across the Gulf and internationally, an area of significant opportunity and one in line with our focus on furthering embedding ESG principles and impact into the heart of our business, investments and development principles.

With positive momentum from the first half of the year, we look forward to maintaining our upward trajectory and creating even greater value for our investors and shareholders.” Hisham Alrayes, CEO of GFH, added, “During the period, we acquired a majority stake in SQ Asset Management, a USbased student housing specialist, strengthening our presence in the US real estate sector and supporting new transactions of approximately US$0.5 billion in the student housing space during the first half of the year alone.

Our commercial banking subsidiary, KHCB, has also performed well during the period, continuing to increase its contributions after a successful turnaround.

We are also very proud that Infracorp, which was launched in January of this year, has already announced good profits during its first reporting period. We expect even further progress in these key areas of our business And continued expansion of our investment activities, deal flow and global footprint. This remains a priority in the forthcoming periods as we actively pursuing organic and inorganic growth with an eye towards delivering even stronger results during the remainder of 2022.”

Currently, GFH manages over US$15 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.