SEDCO’s Anees Moumina named ‘Best Family Business CEO’

Anees Moumina, chief executive of SEDCO Holding Group.
Updated 06 October 2017

SEDCO’s Anees Moumina named ‘Best Family Business CEO’

Anees Moumina, chief executive of SEDCO Holding Group, has received the “Best Family Business CEO” award at the 2017 CEO Middle East Awards, held in the Four Seasons Hotel, Dubai. The award honors successful CEOs who have delivered outstanding results, as well as those that have made a vital contribution to the vibrancy of their businesses.
Moumina was recognized for “his excellent and innovative actions across the organization with the goal of offsetting market headwinds through new business developments and improved synergy within the group,” the company said.
“He effectively led the SEDCO Group business with adequate corporate governance terms that lead to continuous success.”
“I am honored by this award. We have an outstanding team that has been actively participating in the development of best-in-class corporate practices across the group, and it’s during challenging times that an organization is really put to the test and the results this year have shown that hard work pays off,” said Moumina.
Moumina became the CEO of SEDCO Holding Group in January 2013 after accumulating 25-plus years of experience in the private sector and the financial services industry. He has previously worked with the Samba Financial Group, where he advanced to roles including general manager and senior credit officer.
His banking career has given him access to experience across a variety of business sectors including contracting, trading, manufacturing, financial investments, real estate, transportation, leasing, public sector and Islamic banking.
The CEO Middle East Awards represent the benchmark of success for senior executives in the Middle East and are eagerly anticipated by winners, sponsors, nominees, and guests each year. The awards themselves focus on the success of individuals who make the corporations “tick.” Its intention is to give a worthy individual the recognition deserved as well as to use their example to inspire other companies and business leaders to achieve similar success.
SEDCO, the Saudi Economic and Development Company, is a leading private wealth management organization that conducts its business according to the Islamic guidelines of Shariah. It was established in 1976.

GFH reveals boost in first-half profits

Updated 14 August 2018

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.”