Bahrain’s GFH Financial Group has reported a net profit attributable to shareholders of $33.61 million for Q2 2024, a 9.8% increase compared to the $30.61 million achieved in the same period a year prior.
During Q2 2024, the group’s earnings per share amounted to $0.94 compared with $0.86 in Q2 2023. The total comprehensive income attributable to shareholders was $31.41 million, an increase of 13.35%. year-on-year (YoY). Meanwhile, total income was $169.26 million for the quarter, up 52.3%.
GFH’s consolidated net profit for Q2 2024 was $37.55 million, an increase of 14.7% YoY compared to the $32.75 million reported in Q2 2023. Total expenses for the quarter were $74.69 million compared with $54.08 million in the prior-year period.
“We are delighted to report strong results and performance for the second quarter and first half of the year,” said Hisham Alrayes, CEO and Board Member, GFH Financial Group.
During this period, GFH’s global real estate asset management arm, GFH Partners, successfully closed its US Industrial & Logistics Fund VII with a total transaction value of $300 million. The group also completed the sale of the Group’s investment in Charthouse Bahrain and exited from its joint investment with Carlyle in Citrix.
When it comes to H1 2024, the group reported net profit attributable to shareholders of $60.75 million, compared with $54.62 million in the 2023 period, an increase of 11.2%. The gains were attributed to contributions from the investment banking business and growth in GFH’s commercial banking subsidiary, as well as treasury and proprietary investment activities.
During the first six months of the year, the group’s earnings per share reached $1.70 compared to $1.55 for the first half of 2023, an increase of 9.7%. Total comprehensive income attributable to shareholders was $67.31 million, an increase of 28.75%YoY. Total income for the period was $332.23 million, up 53.7% from $216.21 million.
The consolidated net profit for the first six months of the year was $67.90 million compared with $57.19 million in the corresponding period of 2023, an increase of 18.7%. Total expenses for the six-month period were $163.87 million compared with US$116.56 million in same period of 2023, an increase of 40.6 %.
As of June 2024, the total equity attributable to shareholders was $969.42 million, versus $989.54 million at the end of December 2023, down 2.0%. GFH’s total assets reached $10.89 billion at the end of H1 2024.
“Building on this momentum, our focus remains on even further diversifying our international portfolio of assets and creating tangible value for our investors and shareholders in the forthcoming periods,” said Abdulmohsen Rashed Al Rashed, Chairman, GFH Financial Group.
Alrayes added: “Despite market volatility and geopolitical challenges, we remain confident in our ability to effectively execute our strategy, drive value from our assets, and further build our market leadership in the region and globally for the benefit of our investors and shareholders.”
GFH manages a portfolio comprising $21 billion of assets and funds across the logistics, healthcare, education and technology sectors in the MENA region, Europe and North America.
