Mubasher: The shareholders of GFH Financial Group have approved to distribute cash dividends at a rate of 3.34% of the nominal value of the group’s ordinary shares for 2019.

The distribution of cash dividends represents $0.0089 per share, totalling $30 million, the company disclosed to the Dubai Financial Market (DFM) on Monday.

Although the board has recommended to pay out $50 million cash dividends, the shareholders agreed on $30 million due to the market conditions caused by a decline in oil prices and the coronavirus (COVID-19) pandemic.

The CEO of GFH, Hisham Alrayes, said: "With a strong strategy and well-diversified streams of income, in addition to the success of our recent Sukuk issuance, GFH continues to be resilient and well-positioned to execute our next phase of growth."

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

It is noteworthy to highlight that in 2019, the company achieved a net profit attributable to the shareholders worth $80.1 million, down by 29.8% on an annual basis from $114.1 million.