GFH exits $100m investments - CEO

GFH exits $100m investments - CEO
Saudi Arabia is the region’s largest market to invest in.
GFH
GFH
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Dubai – Mubasher: GFH Group will exit $100 million investments that will be announced later, the firm’s CEO said.

The group, listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM), will exit another transaction worth $100 million or $200 million from its real estate portfolio during 2019, Hisham Ahmed Al Rayes added in an interview with CNBC Arabia.

Al Rayes noted Saudi Arabia is the region’s largest market to invest in.

Earlier on Tuesday, the group posted an 11.4% year-on-year increase in its profits for the full-year 2018.

Net profits of the Bahrain-based Islamic wholesale investment bank registered $115 million in 2018, compared to $103.19 million in 2017, according to the company’s filing to the Dubai Financial Market (DFM).

Earnings per share (EPS) stood at 3.22 cents for the year ended 31 December 2018, against 3.58 cents in the same period of the prior year.

“We are pleased with the continued growth in profitably and strong performance delivered by the Group in 2018. This marks the fourth consecutive year of solid gains based on the effective implementation of our strategy and success in the further diversification of the business,” Jassim Alseddiqi, chairman of GFH, said.

By the end of Tuesday’s session, GFH’s stock fell 9.93% at AED 0.90.