13.08.2015, 09:10
GFH reports US$13.6 million net profit for the first half of 2015
OREANDA-NEWS. GFH Financial Group
“
GFH
”
, today
announced its
financial
re
sults
for the
first half of 2015
ended
June 30, 2015
(“th
e period”) reporting sound
pe
rformance and
profitability.
For the first six months of 2015, the Group reported a net profit of US\\$13.6 million compared with US\\$14.8 million during the prior year period . Net profi t for the second quarter of 2015 was US\\$7.6 million versus US\\$12.4 million reported in the second quarter of 2014 . Last year ’s results included a one - off income of US\\$33 million as a result of a recovery. Excluding th is one - off gain , net profit for the first six months of 2015 increased to US\\$13.6 million compared to a l oss of US\\$18.2 million for the prior year period. On a quarterly basis, when normalized, net profit rose by US\\$7.6 million from a loss of US\\$20.6 million in the second quarter of 2014 . Contributing to results for the current quarter was income generated fr om the placement of a new investment in Dubai, coupled with improved performance from the Group’s subsidiary, Khaleeji Commercial Bank. Total i ncome for th e first half of 2015 was US\\$55.6 million compared with US\\$60.5 million for the same pe riod of 2014. O perating expenses for the period were US\\$39.6 million compared with US\\$35.3 million last year .
Commenting on the half year 2015 results, Mr. Hisham Al r ayes, CEO of GFH Financial Group , said, "We are pleased to announce another period of sound results and profitability across the Group . In the first half of the year, we continued to successfully execute our strategy investing in new cash yielding opportunities in defens ive sectors that have sound growth potential . Key among these was a new investment in a British curriculum private school in Dubai in June 2015, which has contributed to our second quarter results . This followed our May 2014 acquisition of a 1300 pupil, American curriculum K - 12 private school also located in the UAE . ”
“During the first si x months of the year, we also realized the benefits from other investments made in the last eighteen months . This includes dividends paid to our investors on the D iversified US residential portfolio and Philadelphia Private School in Dubai . We have also di stributed partial exits from our India project. W e shall continue to grow our income yielding investment portfolio, maximize returns from our existing assets and progress our development proj ects. ”
About GFH Financial Group B.S.C.:
GFH is one of the most recognized financial groups in the gulf region that includes: Asset Management, Wealth Management, Commercial Banking and Real Estate Development. The group operations are focused in the GCC, North Africa and India. GFH is listed in Bahrain Bou rse, Kuwait Stock Exchange and Dubai Financial Market .
For the first six months of 2015, the Group reported a net profit of US\\$13.6 million compared with US\\$14.8 million during the prior year period . Net profi t for the second quarter of 2015 was US\\$7.6 million versus US\\$12.4 million reported in the second quarter of 2014 . Last year ’s results included a one - off income of US\\$33 million as a result of a recovery. Excluding th is one - off gain , net profit for the first six months of 2015 increased to US\\$13.6 million compared to a l oss of US\\$18.2 million for the prior year period. On a quarterly basis, when normalized, net profit rose by US\\$7.6 million from a loss of US\\$20.6 million in the second quarter of 2014 . Contributing to results for the current quarter was income generated fr om the placement of a new investment in Dubai, coupled with improved performance from the Group’s subsidiary, Khaleeji Commercial Bank. Total i ncome for th e first half of 2015 was US\\$55.6 million compared with US\\$60.5 million for the same pe riod of 2014. O perating expenses for the period were US\\$39.6 million compared with US\\$35.3 million last year .
Commenting on the half year 2015 results, Mr. Hisham Al r ayes, CEO of GFH Financial Group , said, "We are pleased to announce another period of sound results and profitability across the Group . In the first half of the year, we continued to successfully execute our strategy investing in new cash yielding opportunities in defens ive sectors that have sound growth potential . Key among these was a new investment in a British curriculum private school in Dubai in June 2015, which has contributed to our second quarter results . This followed our May 2014 acquisition of a 1300 pupil, American curriculum K - 12 private school also located in the UAE . ”
“During the first si x months of the year, we also realized the benefits from other investments made in the last eighteen months . This includes dividends paid to our investors on the D iversified US residential portfolio and Philadelphia Private School in Dubai . We have also di stributed partial exits from our India project. W e shall continue to grow our income yielding investment portfolio, maximize returns from our existing assets and progress our development proj ects. ”
About GFH Financial Group B.S.C.:
GFH is one of the most recognized financial groups in the gulf region that includes: Asset Management, Wealth Management, Commercial Banking and Real Estate Development. The group operations are focused in the GCC, North Africa and India. GFH is listed in Bahrain Bou rse, Kuwait Stock Exchange and Dubai Financial Market .
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