GFH Q3, 9-mnth profit grows

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group (GFH) reported an increase in Q3 and nine-month profit, helped “by each of the Group’s core business lines.”

The Group also said that they are currently focused on “investing in the Gulf markets, especially the Kingdom of Saudi Arabia and the UAE, due to their steady growth and in light of greater government spending on projects as a result of increased income and foreign investments.”

Q3 results

Net profit attributable to shareholders rose 3.3% to US$24.06 million from US$23.30 m in the same quarter a year ago.

Contributing to growth was income generated from the placement of the Group’s global investments and funds, ongoing improvements in its commercial banking business, as well as contributions from treasury activities, its sustainable infrastructure platform and its proprietary investment portfolio.

Earnings per share were US cents 0.73 compared to US cents 0.68 in the year-ago quarter.

Total income jumped 24% to US$111.12 m from US$89.60 m in the prior-year quarter.

Consolidated net profit was US$26.

10 m compared with US$24.13 m in Q3 2021, an increase of 8.2%, despite the negative impact on its treasury portfolio from adverse market conditions.

Total expenses were US$85.02 m compared to US$65.47 m in the year-earlier quarter, an increase of 29.9%.

Nine-month results

Net profit attributable to shareholders rose 9.8% to US$66.24 m from US$60.34 m a year ago, supported by the increased placement of deals in investment banking, contributions from its commercial banking activities and Infracorp’s Harbour Row unit sales.

Earnings per share were US cents 1.91 compared to US cents 1.76 in the 2021 period.

Total income was US$293.88 m versus US$270.61 m for the 2021 period, an increase of 8.6%.

Consolidated net profit increased 4.7% to US$71.48 m from US$68.28 m in the first nine months of 2021.

Total expenses were US$222.40 m, up 9.9% from US$202.33 m for the first nine months of 2021.

Ghazi Al Hajeri, Chairman of GFH, said, “Supporting ongoing progress during the quarter was a solid performance by each of the Group’s core business lines.

Further diversification also continues to play an important role in enabling GFH to deliver sound results despite global market volatility.

“We will continue to build on this momentum in the forthcoming periods to deliver attractive investments in real estate and private equity globally as well as in the GCC supported by a strong and growing presence in Saudi Arabia, where we now have a fully operational subsidiary and team on the ground.”

Hisham Alrayes, CEO of GFH, added, “During the quarter, we placed US$290 million worth of funds with our investors across yielding real estate and private equity deals.

We also realised solid gains from our commercial banking subsidiary, KHCB, which recorded a net profit of US$10 million following a successful restructuring. G

ood performance was also delivered by the Group’s Treasury business despite strong pressure from markets reflecting the increase in the profit ratio which gener