Hisham Alrayes, chief executive of GFH, says income from investment exits helped lift second quarter net profit. Razan Alzayani / The National
Hisham Alrayes, chief executive of GFH, says income from investment exits helped lift second quarter net profit. Razan Alzayani / The National

GFH's second quarter net profit soars on exit income



GFH Financial Group, the Bahrain-based Sharia-compliant investment firm, said on Sunday its second quarter net profit rose more than 400 per cent, thanks to income from investment exits.

Net profit attributable to equity holders in the three months ending in June reached US$30.2 million, compared with $5.5m for thesame period last year.

Consolidated net profit for second quarter rose to $32m from $7.9m in the year-earlier period.

“During the quarter we have been able to achieve excellent exits from our real estate and education portfolio which made substantial contribution to our revenue stream,” said Hisham Alrayes, chief executive of GFH. “We have also been able to achieve some recoveries from our debt portfolio, which has contributed to our overall income as well.”

Fitch in July upgraded its rating for GFH to B from B-, five steps below investment-grade, with a positive outlook, owning to the company's settlement of legal cases last year.

GFH settled last year a number of cases filed against former executives, including two ex-chairmen. GFH, which had liabilities of over $1 billion in 2008, has gone through numerous debt restructurings and is currently in an acquisition and expansion phase.

“Regarding our plan for strategic acquisitions and following shareholders’ approval earlier this year, we have been able to achieve major acquisitions for the benefit of our infrastructure portfolio and increased the capital of the bank with a premium to our shareholders,” said Mr Alrayes. “With the current pace of performance, we expect to end the year with a record achievement and maintain distribution of dividends to the market.”

The Abu Dhabi Financial Group, an alternative investment company with $5bn in assets, is the largest shareholder in GFH.

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Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 

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German intelligence warnings
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

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Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

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