GFH Financial Group
It's a strong return to form for GFH Financial Group in Bahrain. Its overseas portfolio too contributed well. Image Credit: GFH Financial Group

Dubai: Bahrain based investment company GFH Financial Group has netted a profit of $16.22 million for the first three months of 2021, up a whopping 217.2 per cent on the $5.08 million delivered last year. Improved returns from all the main business lines as well as from the commercial banking and treasury operations were the main factors in the profit pick up.

Total income was $90.39 million from the $69.46 million last year same time, which is a 30.1 per cent increase. There were some equally impressive numbers on the asset side, with $7.04 billion as at March 31, compared with $6.59 billion end December 2020.

“We’re very pleased with the Group’s first quarter results especially in light of the continuing effects of the pandemic still being felt around the world,” said Jassim Alseddiqi, Chairman of GFH and who also heads Dubai-based asset management company Shuaa Capital.

“Over the quarter, we continued to grow our retail and investment banking, asset management and treasury businesses as well as our portfolio and presence in key markets including the GCC, UK, Europe and the US.”

Weighing in
Profitability gains were also made from the placement of "unique and diverse deals", including a $135 million acquisition of a distribution facility in Chicago, leased to Michelin North America, as well as sale of GFH’s US-based portfolio of pre-IPO, high-growth companies offering "next=generation technologies".