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GFH Announces Net Profit of $19.1 Million in Q1

GFH Announces Net Profit of $19.1 Million in Q1

Thursday, 12 May, 2022 - 06:00
GFH records a growth in its profits (Asharq Al-Awsat)

GFH Financial Group (GFH) has announced a net profit attributable to shareholders of $19.11 million for the first quarter of the year ended on March 31, 2022, up 18.5 percent from $16.12 million in the first quarter of 2021.

The growth reflects several key deals within the group’s investment banking activities, GFH said.

Earnings per share for first quarter of 2022 were US cents 0.54 compared to US cents 0.52 for the first quarter of 2021. Total income for the first quarter of 2022 was $90.81 million compared to $90.39 million in the first quarter of 2021, an increase of 0.47 percent.

Consolidated net profit for the first quarter was $19.35 million compared with $19.34 million in the first quarter of 2021, a marginal increase of 0.04 percent.

The group’s total assets on March 31, 2022 were $8.11 billion, compared with $8.08 billion on December 31, 2021, a slight increase of 0.37 percent. Total expenses for the first three months of the year were $71.46 million, up by 0.57 percent from $71.05 million compared to the same period in 2021.

“As the Group continues to focus on Islamic finance and asset management in the ever-changing global financial environment, we look forward to continuing to keep the pace with the opportunities in this field as well as continuing to invest in key markets in the GCC and US,” Ghazi Al Hajeri, Chairman of GFH, said.

CEO of GFH Hisham Alrayes commented: “In the first quarter of 2022, we continued to grow according to the business plan, moving ahead with executing our robust pipeline of opportunities. Several key deals reflected positively on our income during the quarter, including the placement of our medical offices and logistics portfolios in the US.”

Alrayes added: “Real estate and infrastructure investments were separated from the Group’s consolidated accounts after the sale of 60% of Infracorp shares, which reflected positively.

"Regarding the efficiency of the capital and the expected profitability of the group, we look forward to continuing this growth during the year and delivering on shareholder expectations, especially with the upcoming instrument in the Abu Dhabi Securities Exchange.”

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