Mubasher: GFH Financial Group announced a drop of 52% in profits during fiscal year 2017 compared to the previous year.

Net earnings attributed to shareholders shrank to $104.18 million in FY17 from $217.12 million in FY16, according to a bourse filing on Wednesday.

GFH, which is listed on Boursa Kuwait, Bahrain Bourse (BHB), and the Dubai Financial Market (DFM), noted that total revenues declined to $204.4 million in FY17 compared to $570 million in FY16.

During the fourth quarter of 2017, net profits attributed to shareholders decreased by 92.07% to $16.94 million compared to $213.8 million in the same quarter in 2016.