Applebee’s opens its seventh branch in Jeddah

Updated 23 August 2017
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Applebee’s opens its seventh branch in Jeddah

Applebee’s, the leading casual dining chain, opened its seventh branch in Jeddah, taking the total number of its outlets in Saudi Arabia to 22, since opening in Tahliya Street earlier in August.
The new outlet has received positive reviews and guests reportedly admired the new ambiance of the restaurant. Being located in one of the busiest parts of the city due to the presence of a large number of shopping malls, the restaurant has become a major attraction.
Tarfeeh (the franchisee of Applebee’s Saudi Arabia) was established in 1996 and is a fully owned company of the Saudi Economic Development Company (SEDCO), a Saudi business conglomerate with a global presence.
Tarfeeh runs three international chains of restaurant — Applebee’s (world’s largest American casual dining chain), Romano’s Macaroni Grill (US-based Italian casual dining), and Ocean Basket (largest seafood chain of South Africa). It also has one local brand, called China Gate, which serves Chinese cuisine.
Applebee’s opened its first branch in Saudi Arabia in 2003. One of the major goals was to provide a unique experience to the customers. It serves different kinds of sizzling steaks, fajitas and a variety of dishes for children, in addition to a selection of desserts and beverages.
All Applebee’s restaurants have a friendly atmosphere with exciting menus to suit all ages and groups with great emphasis on freshness and quality. Visitors can spend quality time with their family and friends or have social gatherings.
Applebee’s restaurants have recently launched a campaign for chop lovers. It also has lunch and dinner offers throughout the week and special meals for children.


GFH reveals boost in first-half profits

Updated 14 August 2018
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GFH reveals boost in first-half profits

GFH Financial Group has announced that net profit attributable to shareholders rose to $72.5 million in the first six months of 2018, a 16.7 percent increase from the same period a year earlier. The group also reported a consolidated net profit of $73.4 million in the first half of the year, a rise of 12.1 percent.

Net profit attributable to shareholders for the second quarter increased by 19.2 percent to $36 million. Consolidated net profit during the quarter rose to $36.5 million, an increase of 14.1 percent.

Earnings per share for first half of the year was 2.02 cents, compared with 2.51 cents in the first six months of 2017. Earnings per share for the second quarter was 1 cent, compared with 1.22 cents in the same period of 2017.

Total consolidated revenues in the first half, grew by 12.5 percent to $124.2 million, primarily from revenues generated by its investment-banking business. This included income generated from investment placements for private equity and real-estate transactions. Consolidated revenues for the second quarter stood at $63.7 million, an increase of 4.8 percent.

Profit before impairment allowance for the first half of the year was $79.1 million, an increase of 34.1 percent. Consolidated operating profit for the second quarter increased by 23.5 percent to $40.5 million. Total operating expenses for the first half fell to $45.1 million from $51.4 million. Operating expenses for the second quarter dropped to $23.2 million from $28 million a year earlier.

Equity attributable to shareholders was $1.11 billion for the first half, compared with $1.14 billion a year ago. The total assets of the group increased by 10.3 percent to $4.3 billion.

“We are pleased with the continued growth in profitably for the first half of 2018,” said GFH Chairman Jassim Alseddiqi. “Enhanced results and revenue generation for the period were supported by increased contributions from the group’s investment-banking business, where it continues to demonstrate a strong ability to identify and bring to the market unique investment opportunities.”

Hisham Alrayes, the group’s CEO, added “In line with the Group’s strategy, the ongoing growth in our investment-banking business continues to drive enhanced results and profitably. 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.”