Audi shines at the 1st Saudi Luminarium Festival

Updated 05 February 2018
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Audi shines at the 1st Saudi Luminarium Festival

Samaco, the exclusive dealer for Audi brand in Saudi Arabia, participated as the diamond sponsor in the 1st Saudi Luminarium Festival, in Jeddah.
As headline sponsor for the inaugural light and color festival, Samaco showcased some of their 2018 models. The sporty Audi R8 was on display in the VIP arena, and guests were given the chance to express their impressions of the Audi A6 and Audi A3 through art with an innovative mix of lights and colors.
Karem Tas, manager of the Audi brand in Saudi Arabia, said: “We wanted this to be a memorable occasion for our Audi brand enthusiasts in Saudi Arabia. As a manufacturer of premium cars, we believe that our highest priority is to offer unique experiences for our clients as well as the opportunity to creatively appreciate the essence of Audi in every detail.”
“As a strategic partner for the Audi brand in the region, Samaco is committed to providing premium experiences for our customers. Through our integrated centers in Jeddah, Riyadh and Alkhobar, we are capable of delivering a first-class service throughout the Kingdom. The Saudi Luminarium Festival represents a great opportunity for us to entertain our customers in Saudi Arabia and demonstrate the best of the Audi brand,” Tas added.
The Audi Group, with its brands Audi, Ducati and Lamborghini, is one of the most successful manufacturers of automobiles and motorcycles in the premium segment. It is present in more than 100 markets worldwide and produces at 16 locations in 12 countries.
The current Middle East model range comprises the Audi A3 & S3 Sedan and RS 3 Sedan/Sportback, A4 and S4, the A5/S5 Coupe, Cabriolet and RS 5 Coupe and Cabriolet, the A6, S6, RS 6 performance, A7, S7, RS 7 & RS 7 performance, A8, A8 L, S8 & S8 plus, the Audi Q2, Q3, RS Q3 performance, Q5 & SQ5, Q7 and the Audi TT Coupe/Roadster, TTS Coupe, TT RS Coupe, the Audi R8 Coupe, R8 Coupe V10 plus as well as the R8 V10 Spyder.


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.”