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GFH reports 160% higher profits in 9M

GFH reports 160% higher profits in 9M
The company's total income hiked to $270.607 million
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Mubasher: GFH Financial Group has recorded a 160.42% increase in net profits attributable to the shareholders to $60.34 million during the first nine months of 2021, compared to $23.167 million in the year-ago period, as shown by the company's 

The company's total income hiked to $270.607 million in the January-September period of 2021 from $214.1 million in the corresponding period of 2020.

The basic and diluted earnings per share (EPS) settled at 1.78 US cents in the first nine months of 2021, against 0.69 US cents in the same period of the earlier year.

During the third quarter (Q3) of 2021, the company's net profits surged by 187.3% year-on-year (YoY) to $23.296 million from $8.113 million.

The Chairman of GFH, Jassim Alseddiqi, said: "During the period, we continued to expand our presence in the global logistics real estate sector, bringing new and exciting deals to our investors and generating strong placement income."

Meanwhile, the CEO of GFH, Hisham Alrayes, added: "Solid increases in income and profits reflect a well-diversified business model, effective management of our investments and steady income generation capabilities, which has been a key objective for the Group."

It is noteworthy to mention that during the first half (H1) of 2021, the group's net profits hiked by 146.1% to $37.04 million, compared to $15.05 million in the year-ago period.