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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

GFH’s net profit attributable to shareholders rises 160.4% to $60.34m for 9M 2021

Substantial growth: Income up 26.39 per cent for the nine-month period, supported by strong and steady recurring income streams
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MANAMA: GFH Financial Group BSC (GFH) announced on Thursday its financial results for the third quarter and first nine months of the year ended September 30, 2021.


The Group reported net profit attributable to shareholders of $23.30 million for the third quarter of the year up 187.30 per cent when compared with $8.11 million for the third quarter of 2020. The increase, despite ongoing market pressures globally as a result of the Covid-19 pandemic, was supported by strong performance across the Group’s diversified business lines. Earnings per share for the third quarter was US cents 0.69 compared to US cents 0.24 for the comparative quarter of 2020.


Total income for the third quarter of 2021 was $89.60 million compared to $67.58 million for the third quarter of 2020, a rise of 32.58 per cent. Consolidated net profit for the third quarter was $24.13 million compared with $9.92 million in the third quarter of 2020, an increase of 143.25 per cent. Among the main contributors to third quarter results were investment banking and treasury income.


Notably, fees generated on deals of $22.65 million were realised from key investments in the logistics sector and multi residential portfolios. Also supporting income growth and profits were contributions from the treasury business and commercial banking business of the Group. Total expenses were up 13.56 per cent for the third quarter reaching $65.47 million compared to $57.65 million in the prior-year period.


Commenting, Jassim Alseddiqi, Chairman of GFH, said, “The first nine months of 2021 have been marked by substantial growth in income and profits delivered by the Group. We’re pleased with these results and GFH’s continued ability to deliver across its diversified lines of business and geographies where we invest. While globally, we are still feeling the effects of the pandemic, our performance for the period underscores the robust nature of our strategy and the important positions we have built in resilient and defensive sectors and businesses around the world. During the period, we continued to expand our presence in the global logistics real estate sector, bringing new and exciting deals to our investors and generating strong placement income.”


Hisham Alrayes, CEO of GFH, added, “We’re pleased with our performance for the third quarter and first nine months of the year. Solid increases in income and profits reflect a well-diversified business model, effective management of our investments and steady income generation capabilities, which has been a key objective for the Group. During the quarter, we benefited from the strong demand from our investors for deals we have closed in the US real estate market in well performing segments such as logistics and residential. We have also made gains from improving performance in our commercial banking activities, where we have increased our stake in KHCB. As we go forward, growth remains a central theme for GFH, in all areas of our business, and we have entered the final months of the year with a sharp focus on investments and relationships that will allow us to accelerate growth in our portfolios in key sectors including logistics, technology and education, among others.”


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