Mubasher: The net profits attributable to the shareholders of GFH Financial Group plunged by 69.4% to $15.05 million in the first half (H1) of 2020 from $49.13 million in the corresponding half of 2019, according to the company's consolidated interim financial results for the period ended on 30 June 2020.

Lower net profits are attributed to the coronavirus (COVID-19) outbreak, which led to the market slowdown and affected investment banking activities and real estate and treasury activities, GFH said in a bourse filing on Tuesday.  

The company's total income decreased to $146.53 million in H1-20 from $163.55 million in H1-19.

The basic and diluted earnings per share (EPS) stood at 0.45 cents in the January-June period of 2020, versus 1.47 cents in the corresponding period of 2019.

It is noteworthy to mention 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.

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