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GFH’s profits to owners up 19% in 9M-23 consolidated results

GFH’s profits to owners up 19% in 9M-23 consolidated results
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Mubasher: The net profits attributable to the shareholders of GFH Financial Group surged by 19.14% to $78.92 million in the first nine months (9M) of 2023 from $66.23 million in 9M-22.

Total income amounted to $261.29 million as of 30 September 2023, higher by 38.96% year-on-year (YoY) than $188.03 million, according to the consolidated financial results.

In the January-September 2023 period, the basic and diluted earnings per share (EPS) hit $2.26 in 9M-23, compared to $1.91 in 9M-22.

The group registered total assets worth $10.54 billion in 9M-23, an annual growth from $9 billion.

Financial Statements for Q3-23

In the third quarter (Q3) of 2023, GFH achieved $24.30 million in net profit attributable to the owners, up 1.04% YoY from $24.05 million.

The total income climbed by 32.82% to $87.52 million in Q3-23 from $65.89 million in Q3-22, while the basic and diluted EPS dropped by 2.74% to $0.71 from $0.73.

Ghazi Al Hajeri, Chairman of GFH, commented: “Supporting results was income generated from our global and regional investment activities.”

“Contributions were also realised from the group’s commercial banking business and treasury and proprietary investment activities, although performance in these areas was impacted during the quarter by rising interest rates,” Al Hajeri underlined.

The CEO of GFH, Hisham Alrayes, said: “The Q3-23 saw the group make further progress across our business lines as we worked to maximise the value of our investments and continued to act on new opportunities in line with our strategy and focus on attractive, defensive sectors such as healthcare and life sciences, education and food logistics.”

“We also successfully closed three new transactions during the quarter – the US Opportunistic Fund, Saudi Food Logistics Fund, and US Student Housing Fund and placed more than $361.10 million of investments relating to the Group’s regional and international funds with investors across the GCC,” Alrayes mentioned.

He stated: “During the quarter, we further built our regional logistics assets platform with a $150 million acquisition of a logistics and industrial portfolio comprised of assets located largely in Saudi Arabia as well as in the UAE.”

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