Islamic Finance 

Bahrain’s GFH net profits up 11.4 pct in 2018, to launch Saudi, UK operations in 2019

| 12 February, 2019
Bahrain’s GFH net profits up 11.4 pct in 2018, to launch Saudi, UK operations in 2019

Bahrain-based GFH Financial Group (GFH) posted a 11.4 percent increase in net profit in 2018, the Islamic investment firm said in a statement today.

GFH’s consolidated net profit reached $115 million in 2018 compared to $103.19 million a year earlier.

Net profit attributable to shareholders rose 9.5 percent to $114.08 million due to contribution from across all its business lines during 2018.

Its revenue soared 20.5 percent to $246.21 million from $204.36 million in 2017and operating expenses grew slower than revenue, at 18.2 percent to reach $117.09 million.

Group assets stood at $4.99 billion in 2018, an increase of 21.4 percent from $4.11 billion a year earlier.

The firm’s board has recommended a dividend of 8.71 percent and $85 million ($30 million in cash and $55 million bonus shares) to shareholders.

GFH's portfolio further diversified in 2018.

“2018 was characterised by a strategic focus on further diversifying and building our portfolio of strong income yielding assets in defensive sectors,” said GFH CEO Hisham Alrayes.

“We continued investing in Education, US income generating assets and private equity. We made our first technology investment in the Entertainer, a market leading leisure platform that operates in the region and globally and which has been doubling its turnover year on year,” Alrayes added. 

GFH will continue to focus on geographic and sector diversification in 2019.

“We plan to start the process to launch operations in Saudi Arabia and the UK and to establish dedicated healthcare and education platforms,” said Alrayes.

GFH’s operations are currently focused on the Gulf Cooperation Council (GCC) region, North Africa and India.

It is listed on the Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market.

(Reporting by Emmy Abdul Alim; Editing by Seban Scaria seban.scaria@refinitiv.com)

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