GFH records net profit attributable to shareholders of $62 million H1 2017
GFH Financial Group (GFH) announced a net profit attributable to shareholders of $62.1 million for the first half of the year ended 30 June 2017.
This profit represents a 440 per cent increase from $11.5 million in the first half of 2016.
GFH reported a consolidated net profit of $65.5 million for the first six months of 2017, an increase of 264 per cent from a consolidated net profit of $18 million for the prior-year period. Net profit attributable to shareholders for second quarter of 2017 increased to $30.2 million from $5.5 million for the comparable period in 2016, a rise of 449 per cent. Consolidated net profit for second quarter of 2017 increased to $32 million from $7.9 million in the prior-year period, an increase of 305 per cent.
“We are pleased to report significantly enhanced financial results and profitability for the first half of 2017. The bank has proved its ability to improve performance and strength revenue streams. The results highlight the success of the direction we are moving and the quality of GFH investment portfolio. I would like to congratulate the board for these good results, and would also like to thank the management team for their great effort which is highly appreciated,” said Sheikh Ahmed bin Khalifa Al-Khalifa, Chairman of GFH.
During the first half of 2017, GFH’s total consolidated revenues grew 36 per cent to $113.4 million as compared to $83.4 million in the first half of 2016, primarily from revenues generated from its investment banking business. Consolidated operating profit was $62.02 million in the first half of the year, as compared to $36.2 million in the first half of 2016. Total operating expenses for the first six months of 2017 was $51.4 million compared with $47.1 million in the prior-year period.
“During the quarter we have been able to achieve excellent exits from our real estate and education portfolio which made substantial contribution to our revenue stream. We have also been able to achieve some recoveries from our debt portfolio, which has contributed to our overall income as well. Regarding our plan for strategic acquisitions and following shareholders’ approval earlier this year, we have been able to achieve major acquisitions for the benefit of our infrastructure portfolio and increased the capital of the bank with a premium to our shareholders. With the current pace of performance, we expect to end the year with a record achievement and maintain distribution of dividends to the market,” said Hisham Alrayes, CEO of GFH.