MANAMA: Mahmood Rafique, Editor: GFH Financial Group B.S.C (GFH) has reported net profit, attributable to shareholders, of US$118.50 million for the 2024 full year compared with US$102.86 million in 2023, an increase of 15.21%.
In line with the Group’s results, the Board of Directors has recommended a total cash dividend of US$55 million, equivalent to 5.5% on par value (US$0.0146 per share excluding treasury shares), subject to approval by the General Assembly and regulators.
Currently, GFH manages close to US$22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.
GFH Group announced its financial results for the fourth quarter and full year results ended 31 December 2024 and, in a statement, GFH attributed to the Group’s strong investment banking performance, higher proprietary income, contributions from its commercial banking subsidiary, and a robust performance in treasury and asset management. Earnings per share for the year were US cents 3.27 compared to US cents 2.95 for the full year 2023, reflecting an increase of 10.85%. Total income for the year was US$675.82 million, up 39.86% from US$483.22 million for the previous year, demonstrating strong growth across all business lines. Consolidated net profit for the year was US$128.51 million, compared with US$105.23 million in 2023, an increase of 22.12%. Total expenses for the year were US$344.99 million, compared with US$264.30 million in 2023, reflecting a 30.53% increase.
Net profit attributable to shareholders was US$30.56 million for the fourth quarter of the year versus US$23.94 million in the fourth quarter of 2023, an increase of 27.63%. This was attributed to higher contributions from the investment banking and proprietary investment business lines. Earnings per share for the quarter were US cents 0.84 compared with US cents 0.69 in the fourth quarter of 2023. Total income was US$189.34 million for the fourth quarter of the year, reflecting a 32.57% increase from US$142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. Consolidated net profit for the fourth quarter was US$32.96 million compared with US$24.18 million in the fourth quarter of 2023, a growth of 36.31%, despite fair value movements in the Group’s treasury and investment portfolio. Total expenses for the quarter were US$111.10 million, compared with US$84.06 million in the prior-year period, reflecting a 32.17% increase, largely due to business operation expansion.
Total equity attributable to shareholders was US$980.94 million at 31 December 2024, compared with US$989.54 million at year-end 2023, a decrease of 0.87%. Total assets of the Group were US$11.03 billion at 31 December 2024, compared with US$11.12 billion at 31 December 2023, down 0.81%.
“GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. Net profit attributable to shareholders grew by more than 15% for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses. As a result, we are pleased to announce another solid dividend for our shareholders reflecting the Group’s ongoing commitment and ability to deliver shareholder value,” Abdulmohsen Rashed Al Rashed, Chairman, Group, said.
“We are also proud to have successfully priced our U$S500 million five-year sukuk during the fourth quarter with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities. Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader.”
“We are pleased to report another year of positive performance, with total income surging by 40% to US$675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities. Our net profit attributable to shareholders also rose by 15.2% to US$118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses,” Hisham Alrayes, CEO and Board Member, said.
“Investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing our leadership in the sector. Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency.”
“As we look ahead, we will continue to build on this momentum by capitalizing on new investment opportunities, growing our global asset base, and further capitalising on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE. This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders. With a healthy balance sheet and a well-diversified platform, GFH is well-positioned to accelerate its growth and reinforce its status as a market leader in the region and beyond.”
