GFH reports first nine-month results
GFH Financial Group(GFH), announced yesterday its financial results for the first nine months of 2015 ended September 30, 2015 reporting strong performance and profitability.
For the first nine months, the group reported a net profit of US$18.0 million compared to US$23.1m during the prior year period. Net profit for the third quarter of 2015 was US$4.3m versus US$8.3m reported in the third quarter of 2014. The main profit contribution was from GFH’s Real Estate division. Also supporting the group’s results is continued sound performance across key Group subsidiaries including its commercial banking arm, Khaleeji Commercial Bank (KHCB).
Total income for the first nine months of 2015 was US$78.9m when compared with US$83.1m for the same period of 2014. Operating expenses for the period were US$57.5m compared with US$50.1m last year.
Net profit attributable to shareholders in 3Q 2015 amounted to US$0.8m as compared to US$6.0m in 2014. Net profit attributable to shareholders for the first nine months of the year was US$4.1m as compared to US$16.8m in 2014 because of one off recoveries in the same period in 2014.
Commenting, Hisham Al Rayes, CEO of GFH, said, “This quarter was difficult given the recent dramatic changes in the market. Nevertheless, we have been able to maintain our profitability and performance. Across the GFH group we are continuing to make progress in further diversifying our activities and income streams, as well as continuing to unlock value from our investments and projects.”
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