GFH reports net profit of $104 mn

Manama : GFH Financial Group (GFH) announced strong performance and results for the financial year ended 31 December 2017. For the year, GFH reported net profit attributable to shareholders of US$104.2 million compared with US$217.12m for the previous year and a consolidated net profit of US$103.2m for the year as compared with US$233.05m for the prior-year. These results, in real terms, reflect year-on-year growth in all areas of the business when excluding US$464m in one-off income from the settlement of litigation by the Group in the fourth quarter of 2016.

Net profit attributable to shareholders for the fourth quarter of 2017 was US$16.9m versus US$213.18m in the fourth quarter of 2016.

Sheikh Ahmed bin Khalifa Al-Khalifa, Chairman of GFH announced “the Board’s recommendation for the distribution of a 8.7 per cent cash dividend (US$85m) to shareholders”

Hisham Alrayes, CEO of GFH said, “We focused on undertaking key exits in our infrastructure portfolio and US funds. We also saw investments in US real estate and regional education portfolio and completed listing of our commercial banking subsidiary, KHCB, on Dubai Financial Market.”