GFH reports strong performance in Q1, records US$16.12 million profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

  • Date: 12-May-2021
  • Source: The Daily Tribune - News of Bahrain
  • Sector:Financial Markets
  • Country:Gulf
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GFH reports strong performance in Q1, records US$16.12 million profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Helped by a strong performance of all its business lines, GFH Financial Group yesterday reported a profit which surged 217.2% in the first quarter, despite the continuing effect of the pandemic. First-quarter profit, GFH said, was also boosted by improved contributions from its commercial banking and treasury activities. “In the first quarter, profitability was driven by the placement of unique and diverse deals including the Group’s c.US$135 million acquisition of a mission-critical distribution facility in Chicago, leased to Michelin North America, as well as the sale of GFH’s US-based portfolio of pre-IPO, high-growth companies that specialise in next-generation technologies,” Hisham Alrayes, CEO of GFH, said. Also supporting the results was the sale of equity investments and treasury income realised from Sukuks, notes and fixed income. The first-quarter net profit attributable to shareholders was US$16.12 million up from US$5.08 m in the same quarter a year ago. Earnings per share were US cents 0.53 compared to US cents 0.15 in the prior-year quarter. Consolidated net profit jumped 185.2% to US$19.34 m from US$6.78 m in the first quarter of 2020. Total equity attributable to shareholders was US$0.92 billion on 31 March 2021 from US$0.91 billion at year-end 2020, up 0.4%. The