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GFH unveils growth in H1-23 financial results

GFH unveils growth in H1-23 financial results
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Mubasher: GFH Financial Group posted 29.50% higher net profits attributable to the owners at $54.61 million in the first half (H1) of 2023, versus $42.18 million in H1-22, according to the consolidated interim statements.

Basic and diluted earnings per share (EPS) stood at $1.55 in the January-June 2023 period, marking a 28.10% year-on-year (YoY) rise from $1.21.

Total income amounted to $173.76 million in the first six months (6M) of 2023, an annual jump of 42.30% from $122.13 million.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the group achieved $30.60 million in net profit attributable to the shareholders, up 32.74% from $23.06 million in Q2-22.

The total income grew by 54.70% YoY to $86.83 million in Q2-23 from $56.11 million, while the basic and diluted EPS increased by 30.30% YoY to $0.86 from $0.66

Ghazi Al Hajeri, Chairman of GFH, noted: “The group’s results and resilience are supported by a sharp thematic focus and concentration in attractive and defensive sectors and markets, where we will continue to build our presence.”

“We are also proud of the growing market confidence in GFH, our strategy, and our progress, as recognised by Fitch during the Q2, with the rating agency reaffirming the Group’s ratings and stable outlook,” Al Hajeri

Hisham Alrayes, CEO of GFH, said: “During  the quarter, we were successful in placing more than $328.40 million of investments relating to  our regional healthcare platform  Healian and other funds we have launched, which build on our  experience in the healthcare and logistics sectors as well as in the US markets."

During the three-month period that ended on 31 March 2023, the company logged net profits attributable to the shareholders worth $24.01 million, an annual growth of 25.60% from $19.12 million.

Besides trading on Abu Dhabi Securities Exchange (ADX), GFH is cross-listed on Dubai Financial Market (DFM), Bahrain Bourse (BHB), and Boursa Kuwait.