Gulf Finance House swings back to profit

Dubai: Gulf Finance House (GFH) declared a net profit of $17 million in 2014, compared to a net loss of $18 million the previous year.

Total consolidated income for 2014 was at $160 million as compared to $13.5 million in 2013, the company said in a statement to Dubai Financial Market (DFM).

“We have taken steps in 2014 to recapitalise our balance sheet, strengthen our structure and emerge as a financial group,” GFH chairman Ahmad Al Mutawa said.