*** ----> GFH posts fourth quarter, FY19 results | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

GFH posts fourth quarter, FY19 results

TDT | Manama

GFH Financial Group (GFH) yesterday posted a fourth-quarter net profit attributable to shareholders of US$6.5 million, a decrease of 38.7 per cent from US$10.6 m in the last quarter of 2018. GFH attributed the decrease to higher provisions from the Group’s commercial banking subsidiary. Earnings per share were US cents 0.19 compared to US cents 0.30 in the last quarter of 2018. Q4 income rose slightly to US$81.66 m from US$80.87 m in the same quarter a year ago. Full-year results Net profit attributable to shareholders for the year was US$80.1 m compared with US$114.1 m for the prior year, a decrease of 29.8pc The decline, GFH said, resulted primarily from higher provisions in the commercial banking subsidiary of the Group.

Earnings per share were US cents 2.37 compared with US cents 3.22 in the corresponding prior year. Total equity attributable to shareholders was US$1.0 billion at 31 December 2019 compared to US$1.06 bn at 31 December 2018, a decrease of 5.7pc due to additional acquisition of an infrastructure project and treasury share buyback programmes. Total assets of the Group were US$5.9 bn at 31 December 2019 compared with US$5.0 bn at the previous year-end, an increase of 18.2pc.

Total Assets plus fund under management increased from US$ 8.5bn in 2018 to US$ 10.0 bn in 2019. Revenue for the year was US$335.69 m versus US$286.17 m for 2018 an increase of 17.3pc. GFH said this reflects continued growth and progress in the Group’s core investment banking business, increased contributions from real estate activities and strong performance in the Group’s growing treasury business. Dividend The board recommended a cash dividend of 5.57 pc (US$50 m) for 2019 to shareholders, subject to approval by the General Assembly and regulators. Looking ahead Hisham Alrayes, CEO of GFH said GFH is excited about its next phase of growth and have “entered the year in a strong operating and financial position and with the full confidence of the market following the successful placement of our 5-year sukuk.”

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