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GFH sees 13% higher profits to owners in Q1-24

GFH sees 13% higher profits to owners in Q1-24
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Mubasher: The net profits attributable to the shareholders of GFH Financial Group hit $27.13 million in the first quarter (Q1) of 2024, up 13.03% year-on-year (YoY) from $24 million.

Total income stood at $162.97 million in the January-March 2024 period, higher by 55.13% than $105.05 million a year earlier, according to the consolidated financial statement.

Basic and diluted earnings per share (EPS) climbed by 5.56% to $0.77 in Q1-24 from $0.72 in Q1-23.

The total assets hit $10.55 billion as of 31 March 2024, an annual rise from AED 10.40 billion.

GFH currently manages more than $20.60 billion of assets and funds, including a global portfolio of investments in logistics, healthcare, education, and technology in the MENA region, Europe, and North America.

Abdulmohsen Rashed Al Rashed, Chairman of GFH, commented: “We are delighted to announce continued growth and enhanced profitability for the first quarter of 2024, marked by double-digit increases to the top and bottom line.”

 Hisham Alrayes, CEO of GFH, said: “We are pleased to announce another quarter of growth and solid performance for the first three months of the year, where income increased by 55.10% and consolidated net profits rose by 13% YoY.”

“GFH Partners closed additional new investments in the US in our key medical clinics and student housing sectors for $450 million, as well as in the fast-growing electrical infrastructure services sector,” Alrayes mentioned.

The CEO underlined: “We also generated solid income from the partial sale of our stake in Gulf Holding Company K.S.C.C and sold a 25% stake in Khaleeji Bank, which saw us bring on board new strategic shareholders as we work to take the Bank to the next level.”

He added: “Across the Group’s business lines, we remain focused on accelerating our strategy for non-organic growth through new investments and the acquisition of funds, portfolios, and other financial institutions, such as the investment portfolios of  Ithmaar Holding that we are currently evaluating.”   

In 2023, the cross-listed group registered consolidated net profits valued at $105.23 million, up 7.69% from $97.71 million as of 31 December 2022.