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Bahrain-based GFH Financial Group (GFH) has reported a net profit attributable to shareholders of $72.5 million for the first half of the year representing a 16.7 per cent increase from $62.1 million in the first half of 2017.
The Group reported a consolidated net profit of $73.4 million for the first six months of 2018, an increase of 12.1 per cent from $65.5 million for the prior-year period. Net profit attributable to shareholders for the second quarter of 2018 increased 19.2 per cent to $36 million from $30.2 million for the comparable period in 2017.
Consolidated net profit for the second quarter of 2018 was $36.5 million from $32 million in the prior-year period, an increase of 14.1 per cent. Earnings per share for first half of the year ended 30 June 2018 was US cents 2.02 compared to US cents 2.51 in the first half of 2017. Earnings per share for the second quarter of 2018 was US cents 1.00 compared to US cents 1.22 during the comparable period in 2017.
During the first half of 2018, the Group’s total consolidated revenues grew 12.5 per cent to $124.2 million as compared to $110.4 million in the first half of 2017, primarily from revenues generated from its investment banking business.
This includes income generated from investment placements for private equity and real estate transactions. Consolidated revenues for the second quarter of 2018 was $63.7 million compared to $ 60.8 million in second quarter of 2017, an increase of 4.8 per cent.
Revenues for the quarter also included legal claims settlements in favour of the Group. GFH’s profit before impairment allowance for the first half of the year was $79.1 million as compared to $59 million in the first half of 2017, an increase of 34.1 per cent.
Consolidated operating profit for the second quarter of 2018 increased by 23.5 per cent to $40.5 million from $32.8 million in the comparable-year period Total operating expenses for the first six months of 2018 decreased to $45.1 million compared with $51.4 million in the prior-year period. Operating expenses for the second quarter was $23.2 million compared to $28 million in the second quarter of 2017.
Equity attributable to shareholders was $1.11 billion for the first half of 2018 compared to $1.14 billion for the prior year period. The total assets of the Group increased 10.3 per cent to $4.3 billion in first half of 2018 from $3.9 billion for the prior-year period.
Jassim Alseddiqi, chairman of GFH Financial Group, said: “We are pleased with the continued growth in profitably for the first half of 2018. This reflects the strength of the Group’s strategy and success, quarter after quarter, in delivering value and strong returns to shareholders.
“Enhanced results and revenue generation for the period were supported by increased contributions from the Group’s investment banking business, where it continues to demonstrate a strong ability to identify and bring to the market unique investment opportunities. With the strong momentum achieved in the first half of the year and a strengthened focus on our investment and banking activities, we look forward to enhancing performance and results for the benefit of shareholders.”
Hisham Alrayes, CEO of GFH, added: “In line with the Group’s strategy, the ongoing growth in our investment banking business continues to drive enhanced results and profitably. In particular, during the period, improvements in income generation came from a number of strategic deals including our landmark investment in the UAE-based ENTERTAINER and a notable trophy real estate asset in Chicago.”
“We are pleased with the high quality of the deals we are concluding and the expanding and well diversified portfolio we have established in key growth sectors.
“At the same time, we have also continued to make strong progress across our infrastructure portfolio advancing projects and works according to plan and in line with our focus on achieving profitable exists as we go forward. Building on the strong foundations we have set and the growth we have already achieved thus far in 2018, we are confident that we are on track to further improve results and maintain strong distributions to shareholders,” he concluded.
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