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GFH's consolidated financials show 30% decline in Q3 profits

GFH's consolidated financials show 30% decline in Q3 profits
Net profit fell to $70.24m in 9M
GFH
GFH
1.64% 0.31 0.01

Dubai – Mubasher: GFH Financial Group, listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM), reported a 30.2% year-on-year (YoY) drop in its consolidated profit over the third quarter ended 30 September 2019.

The profit slid to $21.82 million over Q3-19 from $31.25 million in the same quarter in 2018, said a press release on Thursday.

The results were dragged by increasing expenses at $68.65 million over the quarter in 2019 when compared to $41.6 million a year ago.

In the first nine months of the year, the group saw lower net profit by 32.88% at $70.24 million, compared to $104.66 million a year earlier, with expenses rising to $183.31 million in 2019 from $105.25 million.

Over the six months of 2019, the group announced a 32.3% YoY decrease in the net profit attributed to shareholders at $49.1 million.