In May, GFH announced it acquired an 85 percent stake in the UAE-based Entertainer app
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.
GFH Financial Group posted a net profit of $72.5 million in the first half of 2018, a 16.7 percent increase from the $62.1 million reported in the same time period last year, it was announced on Tuesday.
According to results released by the company, the group’s net profit for Q2 2018 was $36.6 million, up from $32 million in Q2 2017.
In the first half of 2018, the group’s consolidated revenues rose 12.5 percent to $124.2 million as compared to $110.4 million in H1 2017, primarily from revenues generated from its investment banking business.
Consolidated revenues in Q2 2018 were reported to be $63.7 million, compared to $60.8 million in Q2 2017.
Additionally, equity attributable to shareholders was $1.11 billion for H1 2018, compared to $1.14 billion the year before. Total assets rose by 10.3 percent to $4.3 billion, compared to $3.9 billion in the first six months of 2017.
“In line with the group’s strategy, the ongoing growth in our investment banking business continues to drive enhanced results and profitability,” GFH CEO Hisham Alrayes said.
“In particular, during the period, improvements in income generation came from a number of strategic deals including our landmark investment in the UAE-based Entertainer and a notable trophy real estate asset in Chicago.”