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GFH Earns $42 Million in the First Half of 2022

GFH Earns $42 Million in the First Half of 2022

Thursday, 11 August, 2022 - 05:45

GFH Financial Group announced a net profit of $23.06 million during the second quarter of 2022, an increase of 10.2 percent compared to $20.92 million for the second quarter of 2021.

The profit increase reflected the steady growth and continued progress of the Manama-based financial group.

GFH said that the main contributions included the income achieved from underwriting the group’s global investments, commercial banking activity and the sustainable infrastructure platform.

Earnings per share during the second quarter amounted to 0.67 cents. The total income for the second quarter of 2022 amounted to $91.95 million, an increase of 1.5 percent, the consolidated net profit for the second quarter was $26.03 million, an increase of 4.9 percent, and the total expenses for the second quarter amounted to $65.92 million, an increase of 0.2 percent.

The net profit achieved for shareholders amounted to 42.18 million dollars for the first half of 2022, an increase of 13.9 percent, and earnings per share for this period amounted to 1.22 cents.

GFH Chairman Ghazi Al-Hajri said: “We have built our investment portfolio across the Middle East, Europe and the United States and listed our shares on the Abu Dhabi Securities Exchange, which is the group’s fourth listing on a regional exchange, as this move is in line with efforts to expand our reach. geographic, shareholder base and enhanced visibility among key global and regional investors as we enter another phase of growth.”

“During this period, we also succeeded in separating the group’s infrastructure and real estate assets into Infracorp, which was capitalized with more than $1 billion in infrastructure and developed assets. This move aims to accelerate growth and investments in sustainable infrastructure assets and environments across the region and internationally.”

For his part, Hisham Al Rayes, CEO of GFH Financial Group, said: “During this period, we acquired a majority stake in Student Quarters Asset Management, a US-based student housing company, which strengthened our presence in the US real estate sector. and supporting half a billion dollars worth of new deals in the student housing sector during the first half of the year alone. Our commercial banking company, Khaleeji Commercial Bank, also performed well during this period.”

"We expect further progress in these key areas of our business. The continued expansion of our investment activities, deal flow and global presence will remain our top priority in the coming periods,” he added.

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