[Manama, 11 November 2015]:  GFH Financial Group “GFH”, announced today its financial results for the first nine months of 2015 ended September 30, 2015 (“the period”) reporting strong performance and profitability.

For the first nine months of the year, the group reported a net profit of US$ 18.0 million compared to US$ 23.1 million during the prior year period. Net profit for the third quarter of 2015 was US$ 4.3 million versus US$ 8.3 million reported in the third quarter of 2014. The main profit contribution was from GFH’s Real Estate division. Also supporting the group’s results is continued sound performance across key Group subsidiaries including its commercial banking arm, Khaleeji Commercial Bank (KHCB).

Total income for the first nine months of 2015 was US$ 78.9 million when compared with US$ 83.1 million for the same period of 2014. Operating expenses for the period were US$ 57.5 million compared with US$ 50.1 million last year.

Net profit attributable to shareholders in 3Q 2015 amounted to US$ 0.8 million as compared to US$ 6.0 million in 2014. Net profit attributable to shareholders for the first nine months of the year was US$ 4.1 million as compared to US$ 16.8 million in 2014 because of one off recoveries in the same period in 2014.

Commenting, Mr. Hisham Al Rayes, CEO of GFH, said, “This quarter was difficult given the recent dramatic changes in the market. Nevertheless, we have been able to maintain our profitability and performance. Across the GFH group we are continuing to make progress in further diversifying our activities and income streams, as well as continuing to unlock value from our investments and projects. This quarter, we have announced the signing of the US Industrial Portfolio which consists of diversified assets across the 6 states and this new project is an addition to our previously acquired assets in the US. We have also launched the Harbour Row which consists of a collection of 450 luxury residential units located at the Bahrain Financial Harbour. The project will provide a sophisticated offering of waterfront living, retail and dining experiences. We expect The Harbour Row to reflect positively on GFH’s financials in the forthcoming years”.

 

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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 Bourse, Kuwait Stock Exchange and Dubai Financial Market.

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For further information please contact:

Nawal Al-Naji
Officer-Corporate Communications Department
Tel: +973 17538538
Email: nalnaji@gfh.com
Website: www.gfh.com