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GFH’s profits exceed $105m in 2023; dividends proposed

GFH’s profits exceed $105m in 2023; dividends proposed
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Mubasher: GFH Financial Group posted 7.69% higher consolidated net profits at $105.23 million in 2023, compared to $97.71 million in 2022, according to a press release.

Earnings per share (EPS) hit $2.95 as of 31 December 2023, up 11.32% year-on-year (YoY) from $2.65.

Total income hiked by 24.10% to $369.53 million last year from $297.76 million in 2022, while the total expenses climbed by 32.11% to $264.30 million from $200.06 million.

Financials for Q4-23

In the fourth quarter (Q4) of 2023, the group’s consolidated net profits dropped by 7.82% to $24.18 million from $26.23 million in Q4-22, while the EPS retreated to $0.69 from $0.74.

Meanwhile, the total income reached $108.24 million in Q4-23, down 1.36% YoY from $109.73 million.

Hisham Alrayes, CEO of GFH,  commented: “Our results were supported by sound contributions throughout the year from our key lines of business, including - investment banking, commercial banking, treasury and proprietary investments.”

“During the quarter, we successfully closed three new strategic transactions in the healthcare and logistics sectors in Saudi Arabia, where we see enormous potential for value creation, and the opportunity to leverage positive macroeconomic trends,” Alrayes highlighted.

He added: “Across all we do, we are working to increase our contributions to sustainable growth and development of the sectors and markets in which we invest and for the benefit of all our stakeholders.

Dividends

The board members of GFH recommended a total cash dividend of 6.20% on par value for 2023, which is subject to the approvals of the general assembly as well as regulators.

Accordingly, the company will pay out a dividend of $0.016 per share on 9 April 2024.

In the January-September 2023 period, GFH witnessed a 19.14% YoY jump in net profit attributable to the owners to $78.92 million, compared to $66.23 million.