GFH Financial Group “GFH”, announced its financial results for the first nine months of 2015 ended September 30, 2015 (“the period”) reporting strong performance and profitability.
For the first nine months of the year, the group reported a net profit of $ 18.0 million compared to $ 23.1 million during the prior year period. Net profit for the third quarter of 2015 was $ 4.3 million versus $ 8.3 million 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 $ 78.9 million when compared with $ 83.1 million for the same period of 2014. Operating expenses for the period were $ 57.5 million compared with $ 50.1 million last year.
Net profit attributable to shareholders in 3Q 2015 amounted to $ 0.8 million as compared to $ 6.0 million in 2014. Net profit attributable to shareholders for the first nine months of the year was $ 4.1 million as compared to $ 16.8 million in 2014 because of one off recoveries in the same period in 2014.
Commenting, Mr. 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.”
“This quarter, we have announced the signing of the US Industrial Portfolio which consists of diversified assets across the 6 states and this new project is an addition to our previously acquired assets in the US. We have also launched the Harbour Row which consists of a collection of 450 luxury residential units located at the Bahrain Financial Harbour. The project will provide a sophisticated offering of waterfront living, retail and dining experiences. We expect The Harbour Row to reflect positively on GFH’s financials in the forthcoming years,” he added.