GFH Announces Net Profit of $19.1 Million in Q1

GFH records a growth in its profits (Asharq Al-Awsat)
GFH records a growth in its profits (Asharq Al-Awsat)
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GFH Announces Net Profit of $19.1 Million in Q1

GFH records a growth in its profits (Asharq Al-Awsat)
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.”



Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
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Oil Prices Held Down by Trump Tariff Uncertainty

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)

Oil prices were little changed on Thursday, maintaining almost all of the previous session's losses on uncertainty over how US President Donald Trump's proposed tariffs and energy policies would affect global economic growth and energy demand.

Brent crude futures were up 18 cents at $79.18 a barrel by 1315 GMT. US West Texas Intermediate crude (WTI) rose 14 cents to $75.58.

"Oil markets have given back some recent gains due to mixed drivers," said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.

"Key factors include expectations of increased US production under President Trump's pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions."

The broader economic implications of US tariffs could further dampen global oil demand growth, she added, Reuters reported.

Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine.

He also vowed to hit the European Union with tariffs and impose 25% tariffs against Canada and Mexico. On China, Trump said his administration was discussing a 10% punitive duty because fentanyl is being sent from there to the United States.

On Monday he declared a national energy emergency intended to provide him with the authority to reduce environmental restrictions on energy infrastructure and projects and ease permitting for new transmission and pipeline infrastructure.

There will be "more potential downward choppy movement in the oil market in the near term due to the Trump administration's lack of clarity on trade tariffs policy and impending higher oil supplies from the US", OANDA senior market analyst Kelvin Wong said in an email.

On the US oil inventory front, crude stocks rose by 958,000 barrels in the week ended Jan. 17, according to sources citing American Petroleum Institute figures on Wednesday.

Gasoline inventories rose by 3.23 million barrels and distillate stocks climbed by 1.88 million barrels, they said.