Cairo – Mubasher: MubasherTrade Research has maintained their Buy/Moderate Risk rating of GFH Financial Group with a price target (PT) of EGP 2.929 per share, implying an expected total return of 85%.

GFH reported a net profit of $87.2 million for the first nine months of 2017, versus $3.95 million in the prior-year period.

The company attributed the hike in profits to a huge increase in revenues from investment banking segment by 1431% year-on-year, as well as sales of real estate in Bahrain.

GFH is likely to acquire a financial institution in the Gulf region by the end of 2017 when it reaches an agreement regarding the deal's price and obtains the required approvals from regulators, according to a recent report.

Meanwhile, GFH has signed a memorandum of understanding (MoU) with an international strategic partner, which is expected to be concluded prior to the end of the current year, to contribute 70% in GFH's educational portfolio at a value of $150 million.

“GFH plans to cross-list its 55%-owned subsidiary Khaleeji Commercial Bank (KHCB), which is listed on Dubai Financial Market (DFM) by end of 2017,” MubasherTrade added.

GFH is forecasted to enhance liquidity, trading levels, and valuation levels in KHCB, the research firm highlighted, noting that GFH has announced its intent to assign a market maker in Dubai.

Moreover, GFH's management has announced that the company may consider the possibility of listing GFH on Saudi Stock Exchange (Tadawul) soon.