Latest news with #AbdulmohsenRashedAlRashed
Biz Bahrain
14-05-2025
- Business
- Biz Bahrain
GFH REPORTS AN INCREASE OF 11.05% IN NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS FOR THE FIRST QUARTER OF 2025 TOTALING US$30.14 MILLION
GFH Financial Group B.S.C (GFH) (Bahrain Bourse: GFH) today announced its financial results for the first quarter ('the quarter') of the period ended 31 March 2025. Net profit attributable to shareholders was US$30.14 million for the first quarter of 2025 compared to US$27.14 million in the same period last year, an increase of 11.05%. The increase is mainly attributed to contributions from the Group's investment banking, commercial banking and sale of proprietary investments. Earnings per share for the quarter was US cents 0.85 compared with US cents 0.77 in the first quarter of 2024. Total income attributable to shareholders was US$170.94 million for the first quarter of the year compared with US$162.97 million in the first quarter of 2024, an increase of 4.89%. Consolidated net profit for the first quarter attributable to shareholders was US$30.69 million compared with US$30.34 million in the first quarter of 2024, an increase of 1.15%. Total expenses for the quarter were US$89.44 million compared with US$89.18 million in the prior-year period, an increase of 0.30% Total equity attributable to shareholders was US$936.59 million at 31 March 2025 compared with US$980.93 million at 31 December 2024, a decrease of 4.52%, primarily due to dividend declaration for 2024. Total assets of the Group were US$11.59 billion at 31 March 2025 compared with US$11.03 billion at 31 December 2024, an increase of 5.06%. Currently, GFH manages over US$22.48 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America. The Group's financial results in full can be found at Shares of GFH are traded under the ticker 'GFH' on the Abu Dhabi Securities Exchange, Bahrain Bourse, Boursa Kuwait and Dubai Financial Market. Mr. Abdulmohsen Rashed Al Rashed Chairman, GFH Financial Group 'We are pleased to report another quarter of positive performance for GFH Financial Group, underscoring the resilience and adaptability of our business model amid dynamic market conditions. Our achievements this quarter are a testament to the dedication of our team, the strength of our diversified portfolio, and our ability to capitalise on new opportunities across key sectors and markets. We remain committed to executing our strategic vision, focusing on sustainable growth and prudent management to deliver value for our shareholders. As we continue our journey through 2025, we are optimistic about our capacity to build on this momentum, further broaden our global reach, and contribute meaningfully to the economic progress of the regions in which we operate.' Hisham Alrayes CEO and Board Member, GFH Financial Group 'We are delighted to deliver another quarter of robust growth for GFH Financial Group, reflecting the strength and resilience of our diversified operating model. Our performance this quarter has been driven by strong deal execution within our investment banking platform, alongside a healthy contribution from our well-positioned treasury portfolio, resulting in an increase of 11.05% in net profit. The Group's ability to consistently generate income from strategic sales of proprietary investments and to benefit from a growing share of profits across our subsidiaries, including Khaleeji Bank, GFH Partners and GFH Capital SA, demonstrates the effectiveness of our integrated approach. We have maintained a disciplined risk management framework, ensuring that provisions and expected credit losses remain well within targeted levels, which speaks to the quality of our underlying assets and the prudent strategies we employ in both origination and portfolio management. Our focus on optimising capital allocation and liquidity across business lines has enabled us to capture profitable opportunities in the market, while enhancing the resilience of our balance sheet. This is further supported by our continued efforts to diversify income streams, both geographically and across sectors, which has proven instrumental in safeguarding shareholder value during periods of volatility. Looking ahead, we remain fully committed to driving operational excellence and digital transformation across the Group, leveraging technology to enhance efficiency and support scalable growth. We have made tangible efforts in this area by launching the latest version of the GFH Investment App, powered by AI, which was very well received during the first three months of the year and continues to attract more clients and investors. This is part of our commitment to enhancing digital transformation, keeping pace with global tech advancements in the sector and redefining the concept of accessing investment opportunities. Meanwhile, we strive to continue achieving sustained value creation for our shareholders by relying on the foundation laid this quarter, and underpinned by promising contributions from our subsidiaries and strong income generation from key business areas.' Business Unit Highlights – The Group continued to deliver sound performance and contributions from across its core business lines during the first quarter of 2025. Investment Management: • During the first quarter, the Group's investment banking activities generated US$47.0 million in income through various deals across the region and beyond. • GFH Partners invested up to US$200 million in a diversified US portfolio of strategically located industrial and transportation logistics assets, offering both core and value-add opportunities across sectors such as e-commerce, automotive and manufacturing. • GFH Partners upsized its US Student Housing Portfolio IV, an investment into student housing near universities, to US$120 million, reflecting strong investor demand. Commercial Banking: • The Group's commercial banking business, Khaleeji Bank, contributed US$41.54 million in income during the first quarter. Treasury & Proprietary Investments: • Contributions from the Group's treasury and proprietary investment activities is US$62.62 million. • Income from proprietary investments amounted to US$22.93 million, which was the result of exit proceeds from MENA real estate. ESG and Digital Transformation Highlights • The Group launched the new version of the GFH Investment App, powered by AI technology, which has contributed to accelerating the onboarding of clients and facilitating access to a wider range of investment opportunities in the Gulf region. • In Q1 of 2025, GFH Financial Group continued to demonstrate a strong commitment to Environmental, Social, and Governance (ESG) principles through a series of impactful initiatives. One of the key highlights was GFH's role in promoting social inclusion by partnering with Bahrain Road Runners for the 'Ocean of Hope: Blue Colour Run', a community event dedicated to autism awareness. This initiative emphasised GFH's commitment to creating inclusive communities and supporting mental health awareness.
Biz Bahrain
16-02-2025
- Business
- Biz Bahrain
GFH REPORTS AN INCREASE OF 15.21% IN NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS FOR 2024 TOTALING US$118.50 MILLION
GFH Financial Group B.S.C ('GFH' or 'the Group') (Bahrain Bourse: GFH) today announced its financial results for the fourth quarter ('the quarter') and twelve months ended 31 December 2024 ('the year'). Net profit attributable to shareholders was US$30.56 million for the fourth quarter of the year versus US$23.94 million in the fourth quarter of 2023, an increase of 27.63%. This was attributed to higher contribution from the investment banking and proprietary investment business lines. Earnings per share for the quarter were US cents 0.84 compared with US cents 0.69 in the fourth quarter of 2023. Total income was US$189.34 million for the fourth quarter of the year, reflecting a 32.57% increase from US$142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. Consolidated net profit for the fourth quarter was US$32.96 million compared with US$24.18 million in the fourth quarter of 2023, a growth of 36.31%, despite fair value movements in the Group's treasury and investment portfolio. Total expenses for the quarter were US$111.10 million, compared with US$84.06 million in the prior-year period, reflecting a 32.17% increase, largely due to business operation expansion. The Group reported net profit attributable to shareholders of US$118.50 million for the full year compared with US$102.86 million in 2023, an increase of 15.21%. The gain is attributed to the Group's strong investment banking performance, higher proprietary income, contributions from its commercial banking subsidiary, and a robust performance in treasury and asset management. Earnings per share for the year were US cents 3.27 compared to US cents 2.95 for the full year 2023, reflecting an increase of 10.85%. Total income for the year was US$675.82 million, up 39.86% from US$483.22 million for the previous year, demonstrating strong growth across all business lines. Consolidated net profit for the year was US$128.51 million, compared with US$105.23 million in 2023, an increase of 22.12%. Total expenses for the year were US$344.99 million, compared with US$264.30 million in 2023, reflecting a 30.53% increase. Total equity attributable to shareholders was US$980.94 million at 31 December 2024, compared with US$989.54 million at year-end 2023, a decrease of 0.87%. Total assets of the Group were US$11.03 billion at 31 December 2024, compared with US$11.12 billion at 31 December 2023, down 0.81%. In line with the Group's results, the Board of Directors has recommended a total cash dividend of US$55 million, equivalent to 5.5% on par value (US$0.0146 per share excluding treasury shares), subject to approval by the General Assembly and regulators. Currently, GFH manages close to US$22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America. Mr. Abdulmohsen Rashed Al Rashed Chairman 'GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. Net profit attributable to shareholders grew by more than 15% for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses. As a result, we are pleased to announce another solid dividend for our shareholders reflecting the Group's ongoing commitment and ability to deliver shareholder value. We are also proud to have successfully priced our U$S500 million five-year sukuk during the fourth quarter with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities. Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader.' Mr. Hisham Alrayes CEO and Board Member 'We are pleased to report another year of positive performance, with total income surging by 40% to US$675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities. Our net profit attributable to shareholders also rose by 15.2% to US$118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses. Investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing our leadership in the sector. Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency. As we look ahead, we will continue to build on this momentum by capitalizing on new investment opportunities, growing our global asset base, and further capitalising on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE. This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders. With a healthy balance sheet and a well-diversified platform, GFH is well-positioned to accelerate its growth and reinforce its status as a market leader in the region and beyond.' Business Unit Highlights GFH operates three main business lines that each continued to deliver sound performance and contributions during the fourth quarter, and which supported growth in the Group's top and bottom line for the full year 2024. Investment Management: • During the fourth quarter, the Group reported investment banking deal income of US$13.95 million. • A number of strategic investments and partnerships were also announced in Q4: o GFH Partners successfully concluded three transactions: o Secured A-Class purpose-built student housing assets worth US$300 million in the United States, bringing its US student housing platform to more than 5,500 beds and assets under management worth approximately US$900 million. o Launched the US$96 million US AI Infrastructure Fund building on opportunities in the rapidly growing digital real estate sector, focusing on AI-driven data centers and data mobility platforms. The Fund is strategically investing in five leading platforms—Vantage Data Centers, DataBank, Switch, Vertical Bridge, and Novva—through two reputable partners, ensuring exposure to scalable, high-demand infrastructure. o Launched the £44 million UK Food Logistics Fund investing in a mission-critical, income-generating food processing and cold storage facility in the UK. The Fund involves acquiring a 780,000-square-foot regional distribution center in Bridgwater, fully leased to Morrisons, the UK's 5th largest grocer, serving 92 regional stores across the Southwest and Wales. o Signing of a head of Terms with Gulf Warehousing Company (GWC), one of the GCC's top logistics providers, whereby GFH will power GWC's expansion plans by developing 200,000 square meters of Grade 'A' logistics facilities across key locations in Saudi Arabia. o Strategic partnership announced with Panattoni Saudi Arabia for the development of 500,000 square meters of state-of-the-art logistics facilities in the Kingdom of Saudi Arabia. The collaboration focuses on creating high-quality logistics and industrial infrastructure across key cities, including Riyadh, Jeddah, and Dammam with a total planned investment of SAR 2 billion (US$500 million) over the coming five years. o Investment in Invenergy, the largest privately held developer, owner, and operator of clean energy solutions, through investment vehicles managed by Blackstone's infrastructure group. Treasury & Proprietary Investments: • The treasury business performed in line with the previous year, except for the fair value movement in the Treasury portfolio, which was positive in the previous year. • Successful sale of a number of the Group's proprietary investments including a stake in Raffles Al Areen Bahrain Palace for US$33 million and shares in Amwaj for US$40 million. • Signing with Kempinski, in partnership with Infracorp, to launch Harbour Heights Kempinski Hotel and exclusive branded residences. The project will deliver the next level of luxury, waterfront living in the heart of Manama's exclusive Bahrain Harbour. • Launch of OUTLIVE, an innovative real estate venture rooted in health and well-being in MENA and Europe, to create masterplan communities and environments where personal health and social connections flourish, blending individual wellbeing with shared community life. Commercial Banking: • The Group's commercial banking business, Khaleeji Bank (Khaleeji) achieved a net profit of US$27.86 million attributable to the Bank's shareholders for the fiscal year ended 31st December 2024, compared to a net profit of US$ 23.88 million in 2023, an increase of 16.67%. • Khaleeji's launch of the 'Hafeez' platform, an innovative digital banking platform designed to meet the needs of companies, which was updated by adding new services that facilitate procedures and enhance efficiency. ESG Highlights During the fourth quarter, the Group continued to further strengthen its Environmental, Social and Governance (ESG) related practices and expand its contributions to positive impact. Key initiatives during the fourth quarter included: • Student Internship Programme with Britus International School: GFH successfully concluded its Student Internship Programme in collaboration with Britus International School. This initiative provided students with hands-on exposure to the financial sector, equipping them with valuable knowledge and practical skills to support their future careers. • The Commitment to Cultural Preservation and Environmentally Sustainable Projects: During the fourth quarter a partnership was announced with authorities in Bahrain to support the restoration of one of Bahrain's historic sites. Such collaborations contribute to the safeguarding of the Kingdom's rich heritage for future generations. • MoU with Safa, Bahrain's Voluntary Carbon Offsetting Platform: The Group signed a Memorandum of Understanding (MoU) with Safa, Bahrain's voluntary carbon offsetting platform, to advance climate action and sustainability initiatives in the Kingdom.
Zawya
14-02-2025
- Business
- Zawya
GFH total income for 2024 hits $676mln; net profit up 22%
Bahrain-based GFH, a regional financial group with key interests in asset management and real estate, has achieved solid results for FY 2024 with its total income surging to hit $675.82 million, up 39.86% when compared to the previous year's figures of $483.22 million demonstrating strong growth across all business lines. Announcing its financial results for the 12-month period ended December 31, 2024, GFH Group said the consolidated net profit for the year rose to $128.51 million from $105.23 million the year before, recording an increase of 22.12%. The total expenses for the year witnessed an increase rising to $344.99 million from $264.30 million in 2023, reflecting a 30.53% increase. Total equity attributable to shareholders stood at $980.94 million as of December 31, 2024, compared with $989.54 million at year-end 2023, a decrease of 0.87%. Total assets of the Group were $11.03 billion compared with $11.12 billion at 31 December 2023, down 0.81%. On its Q4 results, GFH Group said its net profit attributable to shareholders was $30.56 million versus $23.94 million the previous year, up 27.63%. This was attributed to higher contribution from the investment banking and proprietary investment business lines. Earnings per share for the quarter were US cents 0.84 compared with US cents 0.69 in the fourth quarter of 2023. According to GFH, the total income was $189.34 million for the fourth quarter of the year, reflecting a 32.57% increase from $142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. Consolidated net profit for the fourth quarter was $32.96 million compared with $24.18 million the year before, thus posting a growth of 36.31%, despite fair value movements in the Group's treasury and investment portfolio. Total expenses for the quarter surged to $111.10 million from $84.06 million in the prior-year period, reflecting a 32.17% increase, largely due to business operation expansion. GFH Group said in line with its results, the Board of Directors has recommended a total cash dividend of $55 million, equivalent to 5.5% on par value ($0.0146 per share excluding treasury shares), subject to approval by the General Assembly and regulators. Currently, GFH manages close to $22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the Mena region, Europe and North America. On the solid performance, Chairman Abdulmohsen Rashed Al Rashed said: "GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. Net profit attributable to shareholders grew by more than 15% for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses." " As a result, we are pleased to announce another solid dividend for our shareholders reflecting the Group's ongoing commitment and ability to deliver shareholder value," he noted. "We are also proud to have successfully priced our S500 million five-year sukuk during Q4 with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities," stated Al Rashed. "Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader," he added. CEO Hisham Alrayes said: "We are pleased to report another year of positive performance, with total income surging by 40% to $675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities." "Our net profit attributable to shareholders also rose by 15.2% to $118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses," remarked Al Rayes. According to him, investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing its leadership in the sector. "Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency," he stated. On GFH's future outlook, Al Rayes said: "As we look ahead, we will continue to build on this momentum by capitalising on new investment opportunities, growing our global asset base, and further capitalising on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE." "This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders," he noted. "With a healthy balance sheet and a well-diversified platform, GFH is well-positioned to accelerate its growth and reinforce its status as a market leader in the region and beyond," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
13-02-2025
- Business
- Trade Arabia
GFH total income for 2024 hits $676m; net profit up 22pc
Bahrain-based GFH, a regional financial group with key interests in asset management and real estate, has achieved solid results for FY 2024 with its total income surging to hit $675.82 million, up 39.86% when compared to the previous year's figures of $483.22 million demonstrating strong growth across all business lines. Announcing its financial results for the 12-month period ended December 31, 2024, GFH Group said the consolidated net profit for the year rose to $128.51 million from $105.23 million the year before, recording an increase of 22.12%. The total expenses for the year witnessed an increase rising to $344.99 million from $264.30 million in 2023, reflecting a 30.53% increase. Total equity attributable to shareholders stood at $980.94 million as of December 31, 2024, compared with $989.54 million at year-end 2023, a decrease of 0.87%. Total assets of the Group were $11.03 billion compared with $11.12 billion at 31 December 2023, down 0.81%. On its Q4 results, GFH Group said its net profit attributable to shareholders was $30.56 million versus $23.94 million the previous year, up 27.63%. This was attributed to higher contribution from the investment banking and proprietary investment business lines. Earnings per share for the quarter were US cents 0.84 compared with US cents 0.69 in the fourth quarter of 2023. According to GFH, the total income was $189.34 million for the fourth quarter of the year, reflecting a 32.57% increase from $142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. Consolidated net profit for the fourth quarter was $32.96 million compared with $24.18 million the year before, thus posting a growth of 36.31%, despite fair value movements in the Group's treasury and investment portfolio. Total expenses for the quarter surged to $111.10 million from $84.06 million in the prior-year period, reflecting a 32.17% increase, largely due to business operation expansion. GFH Group said in line with its results, the Board of Directors has recommended a total cash dividend of $55 million, equivalent to 5.5% on par value ($0.0146 per share excluding treasury shares), subject to approval by the General Assembly and regulators. Currently, GFH manages close to $22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the Mena region, Europe and North America. On the solid performance, Chairman Abdulmohsen Rashed Al Rashed said: "GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. Net profit attributable to shareholders grew by more than 15% for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses." " As a result, we are pleased to announce another solid dividend for our shareholders reflecting the Group's ongoing commitment and ability to deliver shareholder value," he noted. "We are also proud to have successfully priced our S500 million five-year sukuk during Q4 with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities," stated Al Rashed. "Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader," he added. CEO Hisham Alrayes said: "We are pleased to report another year of positive performance, with total income surging by 40% to $675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities." "Our net profit attributable to shareholders also rose by 15.2% to $118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses," remarked Al Rayes. According to him, investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing its leadership in the sector. "Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency," he stated. On GFH's future outlook, Al Rayes said: "As we look ahead, we will continue to build on this momentum by capitalising on new investment opportunities, growing our global asset base, and further capitalising on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE." "This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders," he noted.
