Shareholders also approve 2017 financial results which include net profit of $104m
Shareholders of Bahrain-based GFH Financial Group have voted to distribute cash dividends totalling $85 million.
Dividend distribution will commence within 10 days and represent 8.72 percent of the nominal value of the ordinary shares, a statement said.
Shareholders also approved the group’s 2017 financial results, which saw GFH report net profit of $104.2 million for the year, reflecting significant year-on-year growth in all areas of the business when excluding one-off income recorded in 2016.
Jassim Al Seddiqi, chairman of GFH, said: "We are pleased with the strong performance and dividends that GFH has delivered for 2017. We have entered 2018 in an excellent position to grow and to further unlock value from our diverse portfolio of financial and infrastructure assets.”
Hisham Alrayes, GFH CEO, added: "Our strategy and efforts in 2017 have resulted in continued growth and ensured our ability to deliver strong returns to our shareholders again this year. With the momentum and progress of the past year, we move ahead in 2018 ready to embark upon a new era of expansion which will see GFH increase our transaction capacity, both in terms of deal numbers and size, pursue further profitable exists and maximise the value of our existing portfolios.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.