GFH profit rises 18.6pc

GFH Financial Group yesterday reported an 18.6 per cent increase in ninemonth net profit helped by continued growth and stronger contributions from its core investment banking business and other related investment income. Net profit attributable to shareholders was US$103.44 million for the first nine months of the year ended 30 September 2018 representing an 18.6pc increase from US$87.23m in the first nine months of 2017.

Consolidated net profit rose 15pc to US$104.66m from US$91.04m in the same period a year ago. Earnings per share was US cents 2.91 compared to US cents 3.55 in the prior-year period. Consolidated revenues grew 13.2pc to US$184.62m from US$163.16m in the first nine months of 2017, primarily from revenues generated from its investment banking business. GFH’s profit before impairment allowance increased 23.8pc to US$110.58m versus US$89.32m in the prior-year period. Total operating expenses were US$74.04m, an increase of 0.3pc from US$73.84m in the prior-year period.

For the third quarter, net profit attributable to shareholders increased 23.3pc to US$30.94m from US$25.09m for the comparable period in 2017. Consolidated net profit was US$31.26m, compared to US$25.52m in the prior-year period, an increase of 22.5pc. Earnings per share for the quarter was US cents 0.87 compared to US cents 1.04 during the comparable period in 2017.

Consolidated revenues for the third quarter was US$64.42m compared to US$52.18m in the third quarter of 2017, an increase of 23.5pc. Profit before impairment allowance increased by 26.7pc to US$33.98m from US$26.81m in the comparable-year period. Total operating expenses for the quarter were US$30.44m versus US$25.37m in the third quarter of 2017, an increase of 20pc.

Looking ahead, Hisham Alrayes said the company remains fully focused on achieving growth across our diversified portfolio of assets, where we are working to add value to existing investments while identifying other opportunities for steady income generation and yields.