GFH Financial Group records $11.5m net profit for H1

GFH Financial Group (GFH) announced a net profit attributable to shareholders of $11.5 million for the first half of the year ended June 30, 2016.
This represents a 248 percent increase from the $3.3 million net profit reported in H1, 2015.
The group reported a consolidated net profit of $17.9 million for H1, 2016, an increase of 31 percent from a consolidated net profit of $13.7 million for the prior-year period.
Net profit attributable to shareholders for Q2, 2016 increased to $5.4 million from $1.1 million for the comparable period in 2015, a jump of 391 percent. Consolidated net profit for Q2, 2016 increased to $7.9 million from $7.6 million for the comparable period in 2015, an increase of 4 percent. 
During H1, 2016, the group’s total consolidated revenues grew 50 percent to $83.3 million compared to $55.6 million, including $8.5 million income from industrial business, in H1, 2015, primarily because of revenues from the real estate business.
Consolidated operating profit before provisions was $36.2 million in the first half of the year, as compared to $15.9 million, (including net profit from industrial business of $2.76 million, in the first half of 2015.
Total operating expenses for H1, 2016 was $47.1 million compared with $39.6 million, including expenses of $5.8 million from the industrial business, in the prior-year period. 
Hisham Alrayes, CEO of GFH, said: “We are pleased to continue to deliver sound financial results and enhanced profitability for H1 2016 in line with plans and expectations. Once again, we witnessed progress across each of our business lines. 
Notably, contributing to our profitably during the period was real estate related revenues due to sale of a project in our Bahrain Financial Harbour (BFH) development. This, combined with solid results from our investment and commercial banking operations, shows the success of our strategy.”

Source: Arab News