Al-Salem Johnson Controls hosts workshop

After the workshop, the trainees were given a tour inside the factory.
Updated 28 May 2018
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Al-Salem Johnson Controls hosts workshop

Al-Salem Johnson Controls (YORK) recently organized a training workshop titled “Fundamentals of Heating, Ventilation, Air Conditioning and Cooling (HVAC).” The workshop held on May 9, targeted 12 engineers and HVAC technicians enrolled in the Human Resource Development Fund’s Training Support Program (HADAF).
The training aimed at building a productive and sustainable national specialized HVAC workforce, enabling them to obtain professional certificates required by the labor market and imparting valuable knowledge experiences.
The workshop is part of a strategic partnership between Al-Salem Johnson Controls (YORK) and the Human Resources Development Fund (HRDF). It was held at the YORK factory in Jeddah, and was presented by a Saudi engineer in English and Arabic. After the workshop, the trainees were given a tour inside the factory.


GFH reveals boost in first-half profits

Updated 50 min 15 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.”