Mubasher: Bahrain’s GFH Financial Group achieved a net profit attributable to the shareholders worth $80.1 million over 2019, down by 29.8% on an annual basis from $114.1 million.

Earnings per share (EPS) totalled 2.37 cents by 2019 year-end as compared to 3.22 cents in the prior year, according to a press release on Wednesday.  

Total assets of the group grew by 18.2% annually to $5.9 billion on 31 December last year, compared to $5 billion in 2018.

Moreover, revenue increased to $335.69 million from $286.17 million, posting a 17.3% annual rise while reflecting GFH’s continued growth in core investment banking business as well as higher contributions from real estate activities.  

In the fourth quarter (Q4) of last year, net profit attributable to the shareholders amounted to $6.5 million as compared to $10.6 million in the comparative quarter of 2018, down by 38.7%.

EPS stood at 0.19 cents in Q4-19 from 0.30 cents in the same period a year earlier, whereas income rose to $81.66 million when compared to $80.87 million. 

The lower net profit results are largely due to the increasing provisions in the group’s commercial banking subsidiary.

GFH's board of directors proposed a cash dividend distribution of $50 million for 2019 or 5.57% of the share’s nominal value, subject to the approval of the shareholders.  

Commenting on the results, chairman of GFH, Jassim Alseddiqi, said, “For the year, the group was pleased to report continued growth and progress and a subsequent double-digit increase in income for 2019.”

Over the past five years, GFH’s real estate assets portfolio in the US market leaped to $1 billion, CEO of GFH, Hisham Alrayes, noted.

He further commented on the group’s current solid operating and financial position, which prepares it for the next phase of growth in 2020.   

GFH is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).