Latest news with #HishamAlrayes
Zawya
28-05-2025
- Business
- Zawya
Bahrain's GFH Financial raises stake in Seef Properties to nearly 30%
Manama-headquartered GFH Financial Group has increased its stake in Seef Properties to nearly 30%, reinforcing its ownership in one of the major players in Bahrain's real estate sector. The investment firm confirmed on Tuesday that it has acquired additional 15.63% of shares in the real estate development and commercial centre management company, bringing its total shareholding to 27.98%. Last year, GFH acquired a little over 12% stake in Seef Properties. 'This step aims to create additional value for our shareholders within the real estate portfolios operating in the same sector,' said Hisham Alrayes, CEO and Board Member of GFH. Managing more than $22.48 billion in assets and funds, the company is listed on four stock exchanges, including the Bahrain Bourse, Boursa Kuwait, Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM). (Writing by Cleofe Maceda; editing by Seban Scaria)
Biz Bahrain
28-05-2025
- Business
- Biz Bahrain
GFH Owns Major Stake (27.98%) in Seef Properties
GFH Financial Group (GFH) announced increasing the Group's ownership in Seef Properties B.S.C., one of the leading real estate development and commercial centres management companies in the Kingdom of Bahrain, acquiring an additional 15.63% of shares and increasing its total shareholding to 27.98%. This strategic move aligns with GFH's vision to reinforce its ownership in Seef Properties, recognising its appeal as a strategic asset within the Group's expanding investment portfolio. Commenting on the acquisition, Mr. Hisham Alrayes, CEO and Board Member of GFH, said: 'We are delighted to deepen our investment in Seef Properties, a prominent player in Bahrain's real estate sector. This step aims to create additional value for our shareholders within the real estate portfolios operating in the same sector.' He added: 'Seef Properties has demonstrated resilience and growth over the years, and we see significant potential for further value creation. We aim to contribute to Seef Properties' continued success by leveraging our resources and expertise to unlock new growth opportunities.' 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.
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.
Zawya
12-05-2025
- Business
- Zawya
Bahrain: Esterad reports profit growth
Esterad has reported net profit of BD489,605 for the first quarter of 2025 compared to BD435,793 for the first quarter of 2024, an increase of 12 per cent. Stronger profits were a result of gains primarily from the continued restructuring of the company's previously acquired diversified global private equity and real estate portfolio. Earnings per share for the quarter was 3.2 fils compared with 2.8 fils in the first quarter of last year. Total comprehensive income amounted to BD530,951 in the first quarter of 2025 compared to BD565,041 in the first quarter of last year. Total income for the first quarter was BD1,860,084 compared to total income of BD1,977,805 in the first quarter of 2024, down 6pc. The decrease resulted primarily from decline in the company's Turkish listed equity portfolio in line with the declines seen in the Turkish equity indices during the first quarter. These equity positions have, however, already recovered in value in the second quarter. Total equity was BD44,265,270 at the end of the first quarter versus BD43,377,483 at end-December 2024, an increase of 2pc primarily related to current period profit. Total assets decreased by 6pc to BD87,585,870 compared to BD93,100,840 as of end-December 2024, primarily resulting from declines in the company's Turkish listed equity portfolio. Commenting on the results, Hisham Alrayes, chairman of Esterad, said: 'We are pleased to report sound results and performance for the first quarter of 2025. Building on momentum across our business, we successfully delivered another quarter of double-digit growth in profitability despite market volatility. During the first quarter of the year, we continued to make progress in the restructuring and management of key turnaround assets acquired in late 2023 with recovery of value reflecting positively on results.' Mr Alrayes added: 'I am also pleased to announce that Nabeel Nooruddin will be succeeding me as chairman of Esterad. Over my six-year tenure, and in close collaboration with the board of directors, we succeeded in transforming Esterad into one of the region's leading investment companies. I am confident that under Mr Nooruddins leadership, Esterad will continue to build on this momentum and achieve even greater success in the years ahead.' Commenting on the financial results, Esterad chief executive Ahmed Abdulrahman said: 'We are proud to announce strong results for the first quarter, and we will continue with our efforts to reposition additional assets within our diversified global real estate and private equity portfolio to unlock greater value during the remainder of the year.' Mr Abdulrahman added: 'On behalf of the board and management team, I would like to sincerely thank Hisham Alrayes for his dedicated leadership and invaluable contributions during his tenure as chairman. We also warmly welcome Nabeel Nooruddin as our new chairman and look forward to working with him to build on this momentum and lead the Company into its next phase of growth.' Nabeel Nooruddin, incoming chairman of Esterad, added: 'I am honoured to take on the role of Chairman at such a pivotal time for Esterad. I look forward to working closely with the Board and management team to further strengthen our investment platforms and pursue new strategic opportunities that will enable us to continue creating sustainable value for our shareholders.' Mr Nooruddin brings over two decades of regional and international financial experience, including founding and leading Alpine Wealth Management. His expertise spans wealth management, investment strategy, financial planning, and international trade. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Biz Bahrain
12-05-2025
- Business
- Biz Bahrain
Khaleeji Bank Announces 7.81% Increase in Net Profit Attributable to Shareholders for Q1 2025 and Appoints Mr. Yousif Taqi as Chairman of the Board, Succeeding Alrayes
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain B.S.C. (Trading Code: KHALEEJI), announced its financial results for the period ended 31st March 2025. The Bank achieved a net profit attributable to shareholders of BD 3.243 million, compared to BD 3.008 million in the first quarter of 2024, an increase of 7.81%. Earnings per share for the period ended 31st March 2025 decreased to 3.00 fils, compared to 3.69 fils for the first quarter of last year. Total income increased to BD 15.056 million, compared to BD 12.902 million in the first quarter of 2024, an increase of 16.70%. Total comprehensive income attributable to the shareholders of the parent company increased to BD 3.466 million, compared to BD 2.925 million for the period ended 31st March 2024, an increase of 18.50%. This increase is mainly attributable to an increase in income from financing contracts and a decrease in financing expenses during the first quarter of 2025. Total assets for the same period decreased slightly by 2.91% to reach BD 1.452.65 million as at 31st March 2025, compared to BD 1.496.13 million for the period ended 31st December 2024. Sukuk investments decreased by 9.01% to reach BD 456.91 million compared to BD 502.14 million as at 31st December 2024, while financing contracts increased to BD 764.54 million compared to BHD 721.17 million as of 31st December 2024. Total equity attributable to the shareholders of the parent company for the period ended 31st March 2025 decreased by 2.12% to reach BD 125.35 million, compared to BD 128.06 million as at 31st December 2024. In a related context, Khaleeji Bank announced the appointment of Mr. Yousif Taqi as the new Chairman of the Board of Directors, succeeding Mr. Hisham Alrayes, who has chosen to focus on GFH Financial Group. Mr Taqi's appointment comes following his nomination by GFH Financial Group and his extensive experience of over 35 years in Bahrain's banking sector, during which he has held several leadership positions at leading financial institutions in the Kingdom. He holds a Bachelor's degree in Accounting (1990) from Husson University, USA, and is a Certified Public Accountant. On this occasion, Mr. Hisham Alrayes, Chairman of Khaleeji Bank, welcomed the appointment of Mr. Yousif Taqi as the new Chairman of the Board, praising his extensive expertise in Islamic banking and expressing full confidence in his ability to lead the bank into the next phase of implementing its new strategic growth objectives. He also emphasised that Mr Taqi's experience, vision and strong relationships within the banking sector, both locally and regionally, will be key drivers of growth and development for the bank in the coming period. He continued: 'My decision to step down as Chairman of Khaleeji Bank aims to allow me to focus more fully on my responsibilities at GFH Financial Group and continue to drive its growth and shareholder aspirations. The five years I spent chairing Khaleeji Bank were filled with both challenges and opportunities, during which the bank achieved many important milestones, most notably the launch of its new corporate identity in 2023, as well as strengthening the bank's foundations and developing renewed strategies aligned with the rapid changes in the banking sector and clients' needs. We focused during this period on providing innovative and advanced banking solutions tailored for the digital era, which contributed to reinforcing the bank's position as a leading financial institution capable of keeping pace with future developments. I extend my sincere thanks to all members of the Board and the team for their support and cooperation, which played a significant role in these successes. I wish Mr Yousif Taqi every success in leading the bank to further growth and prosperity.' Commenting on the financial results, Mr Alrayes said: 'We are delighted to announce these strong financial results for Khaleeji Bank's operations during the first quarter of 2025, which reflect our ongoing efforts to achieve our strategic goals and deliver the best services to our valued customers. These promising results mark a positive start, reinforcing confidence in our growth and positively impacting the group's market value.' He added: 'The positive results achieved in the first quarter provide further motivation to maintain this positive momentum and continue on an upward trajectory for further growth during the remainder of the year. Our aim is to achieve greater accomplishments to meet the aspirations of our shareholders and valued customers, and to contribute effectively to the comprehensive development journey witnessed by the Kingdom of Bahrain under the prosperous reign of His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and in alignment with the diligent efforts of the government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to further elevate the banking sector.' For his part, Mr Yousif Taqi, the new Chairman of Khaleeji Bank, expressed his deep gratitude and appreciation to the former Chairman, Mr Hisham Al Rayes, for his sincere efforts during his tenure and for his trust and continuous support. He also thanked GFH Financial Group for their valued confidence, affirming his commitment to working diligently to achieve the bank's vision and strategic objectives, adding that he looks forward to building on the past years' achievements to continue the journey of growth and progress, strengthening the bank's position in the sector, and emphasised his keenness to work closely with the team and Board of Directors to support Khaleeji Bank's growth and prosperity. Mr. Taqi added: 'I am honoured and delighted to be chosen as Chairman of Khaleeji Bank at this important stage of the bank's journey. I look forward to building on its achievements, and working with fellow Board members and the executive management to develop innovative strategies that enhance the bank's position in the sector and meet the aspirations of our valued customers. Our goal is to achieve sustainable growth and enhance value for our shareholders, and we are confident that we can achieve this through dedicated teamwork.' Mr Sattam Algosaibi, CEO of Khaleeji Bank, said: 'We are pleased to welcome Mr Yousif Taqi in his new role as Chairman of Khaleeji Bank, given his exceptional track record in the Islamic banking sector. We are confident that his leadership will be a significant asset in supporting our ambitious growth and expansion strategies. The bank's plans in the next phase are firmly focused on digitising services and adopting the latest banking technologies, requiring forward-looking leadership and a culture of innovation at all levels. We are certain that Mr. Taqi's expertise will be a solid foundation supporting this vision and strengthening the bank's leadership in this area.' Commenting on the financial results, Mr. Algosaibi said: 'The financial results for Q1 2025 demonstrate the continued success of the bank's robust business model and effective strategy, with a focus on financial discipline, improving income, and driving sustainable growth to enhance profitability. This was reflected in the growth of net profit attributable to shareholders by 7.81% to BHD 3.243 million, compared to BHD 3.008 million in Q1 2024. We also achieved an increase in financing contracts revenue, contributing to growth in both total and comprehensive income attributable to the parent company's shareholders. These positive results embody our commitment to delivering positive returns and profits for our esteemed shareholders.' He added: 'These positive results achieved by Khaleeji Bank in the first quarter, most notably the increase in net profit, coincide with the ongoing launch of many innovative banking initiatives, services, and products to enhance the customer experience. Among the most important of these is the launch of the new edition of the 'Al Waffer Account', with total prizes this year exceeding USD 4 million, and the introduction of a new category, 'Ajyal Al Waffer', dedicated to young depositors under 21. We also continued to offer more exclusive real estate financing offers, most recently the launch of the new 'Tashil+' programme as part of the Ministry of Housing and Urban Planning and Eskan Bank's plan to expand financing options and housing solutions for citizens. We have ensured to provide unique, exclusive financing offers as part of our ongoing support for all initiatives aimed at providing innovative, accessible housing solutions for citizens. This is alongside the continued launch of many innovative promotional campaigns, from the Ramadan purchases campaign to, most recently, Khaleeji Bank's interactive platform at City Centre Bahrain, which enjoyed great success and turnout.' Khaleeji Bank is a leading Islamic Bank that strives to achieve clients' ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari'a-complaint banking services and investment opportunities to individuals and companies.
