Jabal Omar Hilton Makkah hosts Islamic conference

Ministers from Saudi Arabia, Jordan, Pakistan, Egypt, Gambia, Indonesia, Kuwait and Morocco participated in the session.
Updated 28 May 2018
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Jabal Omar Hilton Makkah hosts Islamic conference

Jabal Omar Hilton Makkah and Convention Center recently hosted the 11th session of the Executive Council of the Conference of Endowments and Islamic Affairs. The Executive Council was headed by the Minister of Islamic Affairs, Call and Guidance and President of the Executive Council, Sheikh Saleh bin Abdulaziz bin Mohammed Al-Sheikh.
General Manager of Jabal Omar Hilton Makkah and Convention Center, Motasem Al-Allaf said: “Hosting the Executive Council of the Conference of Endowments and Islamic Affairs is a belief in us being the largest facility for international conferences and meetings in the holy city of Makkah. Additionally, the fact that the hotel is equipped with the required technology and sound infrastructure reflected positively on the meeting session.”
Ministers from Saudi Arabia, Jordan, Pakistan, Egypt, Gambia, Indonesia, Kuwait and Morocco participated in the session.


GFH reveals boost in first-half profits

Updated 49 min 54 sec ago
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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.”