GFH Financial Group reported a net profit attributable to shareholders of $30.61 million for the second quarter of the year, up 32.74.% compared with $23.06 million for the second quarter of 2022 reflecting continued steady growth and progress.
Major contributions included income generated from the placement of the Group’s global and regional investments, commercial banking business and treasury activities.
Earnings per share for the second quarter was US cents 0.86 compared to US cents 0.66 for the comparative quarter of 2022.
Total income for the second quarter of 2023 was $86.83 million, a rise of 54.7%. Consolidated net profit for the second quarter was $32.75 million, an increase of 25.8%.
Total expenses for the second quarter were $54.08 million, an increase of 79.76%.
Net profit attributable to shareholders increased by 29.5% to $54.62 million for the first half of 2023 in line with growth in contributions from all business lines.
Total equity attributable to shareholders was $973.58 million on 30 June 2023 down 2.3%. The decrease was the result of dividends paid for the previous year along with fair value changes and changes in treasury shares.
Chairman of GFH Financial Group Ghazi Al Hajeri said: “We’re pleased to report another quarter of solid growth in income and profitability and good results for the first half of 2023 with continued stable growth across the Group’s three business lines.”
He added: “The Group’s results and resilience are supported by a sharp thematic focus and concentration in attractive and defensive sectors and markets, where we will continue to build our presence.”
“Building on our positive momentum, we will continue to make strides across the business with the aim of further diversifying our operations, growing our revenues, and building our portfolio of income-generating assets in key markets and across our core focus areas. As we do so, we remain committed to further strengthening our performance and returns for our shareholders.”
For his part, CEO and Board Member, GFH Financial Group Hisham Al-Rayes stated that “The second quarter of the year saw GFH’s investments continue to deliver enhanced returns and value for the Group, our shareholders and investors. We are pleased with the strong growth in both income generation and profitability as we execute our strategy and take decisive steps towards further growth across our key business lines – investment management, commercial banking and treasury, and proprietary investments.”
“We aim to build on these core areas and are particularly focused at present on accelerating the expansion of the Group’s MEA and GCC-based regional investment platforms. This includes those in high-growth, defensive sectors such as healthcare and life sciences, education, and logistics – which will allow us to capitalize on long-term structural growth tailwinds in the region and our strong track record and expertise gained through decades of investing in global markets," he added.
GFH operates three main business lines that each continue to deliver positive performance and strong contributions and have supported growth in the Group’s top and bottom line during the second quarter and half-year 2023.
