Dubai: Gulf Finance House (GFH) Financial Group said on Monday its consolidated net profit rose 12.1 per cent, in the first half to June, to $73.4 million (Dh269 million).
Consolidated net revenues rose 12.5 per cent to $124.2 million compared to $110.4 million in the same period last year.
The growth was primarily from revenues generated through its investment banking business. This includes income generated from investment placements for private equity and real estate transactions.
Consolidated revenues for the second quarter of 2018 totalled $63.7 million compared to $60.8 million in second quarter of 2017, an increase of 4.8 per cent.
“We are pleased with the continued growth in profitably for the first half of 2018. This reflects the strength of the Group’s strategy and success, quarter after quarter, in delivering value and strong returns to shareholders,” Jasem Al Seddiqi, chairman of GFH Financial Group, said in a statement.
“Enhanced results and revenue generation for the period were supported by increased contributions from the Group’s investment banking business, where it continues to demonstrate a strong ability to identify and bring to the market unique investment opportunities. With the strong momentum achieved in the first half of the year and a strengthened focus on our investment and banking activities, we look forward to enhancing performance and results for the benefit of shareholders,” Al Seddiqi said.
Earnings per share for first half of the year ended 30 June 2018 was 2.02 cents compared to 2.51 cents in the first half of 2017.
“Building on the strong foundations we have set and the growth we have already achieved thus far in 2018, we are confident that we are on track to further improve results and maintain strong distributions to shareholders,” Hesham Alrayes, CEO of GFH said.
