27/09/2017 05:57 AST

GFH Financial Group (GFH) announced Tuesday that Capital Intelligence Ratings (CI Ratings), the international credit rating agency, has affirmed its Long-Term Rating at ‘BB’ and the Short-Term Rating at ‘B’. The Outlook for GFH’s ratings remains ‘Stable’. According to the agency, the affirmation of the Group’s ratings were supported by the successful implementation of its strategy to convert itself to a financial group, improved and satisfactory liquidity, low debt and leverage, and increased profitability at both the operating and net levels in H1 2017.

Also cited as positive contributing factors was the Group’s ongoing focus on income-generating investments, planned acquisition of financial services assets and value-accretive exits that are expected to reduce earnings volatility in the future. The rating affirmation also took into account GFH’s balance sheet liquidity which has increased to a satisfactory level in recent periods, notwithstanding a marginal decline in the net liquid asset ratio in H1 2017. More positively, GFH’s debt service capacity has improved, according to the report, as borrowings are paid down and/or refinanced. The report also noted that as a matter of internal policy, GFH has curtailed new borrowings as clearly evidenced by the low levels of debt. Constraining factors cited in the report were challenging regional economic environment and the fall in oil prices as well as Bahrain’s sovereign risk (Bahrain ratings ‘BB+’/’B’/’Stable’).

Hisham Al Rayes, CEO of GFH, said “we are pleased that CI Ratings and the market continue to recognize the strong progress that we have achieved in the implementation of our strategy and the transformation of GFH into a fully integrated financial group. We have made prudent decisions to strengthen our financial health and continue to focus on making acquisitions and investments that provide for steady cash-yields and sound returns. The success of this strategy can be seen in the performance of our commercial banking, asset management, direct investments and real estate operations, where we have built strong and highly diversified portfolios both in terms of the investments we have made as well as the geographies in which we are active which include the GCC, MENA, US and Europe as well the Subcontinent.”

He further said “looking ahead we will work even harder to build on these foundations and, as noted in the report, expect our strategy to result in improved performance and results especially through an increased focus on higher-yielding investments that provide for steady income, a strengthened approach to unlocking value from our real estate portfolio and other assets, continuing the pursuit of value-accretive exits and more rapidly growing the Group organically and through acquisitions of strong financial services companies.


Saudi Gazette

GFH to pursue David Haigh's Dubai and London assets in damages enforcement

09/07/2018

GFH, the Dubai-listed parent of investment banking company GFH Capital, will start enforcement proceedings in Dubai and London for an award of around $5.1 million (Dh18.73m) in damages it received in

The National

Bahrain’s GFH makes headway with India housing venture

09/07/2018

Bahrain’s GFH Financial Group is starting to make headway with its plans to develop real estate in India. Its first township — the Wadhwa Wise City — has been unveiled at Panvel in the western Indian

Gulf News

GFH gets top Fitch ratings, stable outlook

08/07/2018

Bahrain-based GFH Financial Group (GFH) said it has received a long-term issuer default rating (IDR) at 'B’ from international credit rating agency Fitch with a stable outlook. The short-term IDR has

Trade Arabia

Ticker Price Volume
QNBK 159.00 144,076
SABIC 129.60 5,192,197
SARCO 44.20 333,418
SRMG 106.00 898,130
SECO 21.02 542,536
WALAA 28.90 165,927
STC 87.60 206,773
GFH Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
UGH 1.12 0.00 (0.00%)
ABC 0.38 0.00 (0.00%)
INVCORP 9.30 0.00 (0.00%)
BARKA 0.30 0.00 (0.00%)
ITHMR 0.11 -0.01 (-4.35%)
UAE telecoms firm Du Q2 net profit up 1.3%

19/07/2018

Du, the UAE's second-biggest telecoms operator, reported a 1.3 per cent increase in second-quarter net profit on Thursday, as total revenues rose The Dubai-based operator made a net profit after roy

The National

UDC posts QR279mn net profit in H1 2018

19/07/2018

United Development Company (UDC), the master developer of The Pearl-Qatar, has posted a QR279mn net profit on revenues of QR889mn for the first half of the year.

The net profit attributabl

Gulf Times

Dubai Islamic Bank second quarter profit rises 14.6%

19/07/2018

Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 14.6 per cent increase in second-quarter net profit on Wednesday as income from Islamic financing and inv

Times of Oman

Saudi Electricity Co in talks for international bond issue

19/07/2018

Saudi Electricity Co has recently discussed with a group of international banks its plan to issue a US dollar-denominated bond, sources familiar with the matter said.

The state-controlled u

Gulf News

Mashreq’s first half 2018 net profits up 5.2%

19/07/2018

Mashreq has posted first-half 2018 net profit of Dh1.2 billion up 5.2 per cent compared to Dh1.1 billion in the same period in 2017. For the second quarter of this year the bank reported a net profit

Gulf News