Today, Wednesday, GFH Financial Group announced its financial results for the first nine months of this year, as the net profit attributable to shareholders increased by 9.8% to reach $66.24 million, compared to $60.34 million in the same period last year.
GFH said in a statement seen by (Namazone), that the growth in profits is due to the increase in subscriptions to transactions in investment banking, the contribution from the Khaleeji Commercial Bank and the sales of units of the Harbor Row project of Infracorp.
Earnings per share for GFH for the period ending on September 30, 2022 amounted to 1.91 cents, compared to 1.76 cents earnings per share for the first nine months of 2021.
GFH recorded a net profit attributable to shareholders of $24.06 million for the third quarter, compared to $23.30 million in profits for the same period in the previous year, an increase of 3.3%.
Income generated from the Group's global investments and funds, continuous improvements in the commercial banking business, as well as contributions from treasury activities, the sustainable infrastructure platform, and the group's proprietary investment portfolio contributed to this growth.
Equity attributable to shareholders of GFH remained at $0.96 billion as of September 30, 2022, compared to $0.96 billion at the end of 2021, while the total assets of the group increased by 11.4% to $9 billion on September 30, 2022, compared to 8.08 $1 billion as of December 31, 2021.
Commenting on this, Ghazi Al-Hajri, Chairman of GFH, said: The group achieved steady growth in income and profitability for the first nine months of the year. The continued progress achieved during the first quarter is attributable to the strong performance of each of the group's core business lines, and additional diversification continues to play an important role in enabling the group to deliver good results despite the volatility of the global market.
Al Hajri added: “We have continued to expand the group’s portfolio in the well-performing markets and sectors in the US, UK and Europe. We also continue to benefit from the previous operations of a number of international specialists and asset managers through which we have been able to provide better opportunities for our distinguished base of investors in the GCC, In addition to creating demand from Western investors for the opportunities that we provide in the GCC region.
He continued, “We will continue to build on this momentum in the coming periods to offer attractive investments in real estate and private equity globally as well as in the Gulf Cooperation Council countries, backed by a strong and growing presence in the Kingdom of Saudi Arabia, where we now have a subsidiary and an integrated team there.”
Hisham Al Rayes, CEO of GFH, said: “During the quarter, we invested $290 million in funds with our investors through real estate and private equity transactions. We also made strong gains from Khaleeji Commercial Bank, our commercial banking subsidiary, which reported a net profit of $10 million following the successful restructuring of the bank.
He added: There was also a good performance of the group's treasury business in light of the strong pressures in the markets as a result of the increase in profits, as it achieved an income of $37 million. We focus at this stage by investing in the Gulf markets, especially the Kingdom of Saudi Arabia and the United Arab Emirates, because of their steady growth as a result of the increase in government spending on projects as a result of increased income and increased foreign investment.
GFH currently manages more than $16.35 billion in assets and funds, including a global portfolio of investments in the logistics, healthcare, education and technology sectors in the Middle East, North Africa, Europe and North America.
