Ita’am Charity honors Red Sea Mall

Prince Abdullah bin Bandar and Khalid Al-Fozan presented the award to Mohammed Alasiri.
Updated 12 June 2018
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Ita’am Charity honors Red Sea Mall

In the presence of Prince Abdullah bin Bandar, deputy governor of Makkah region, the Ita’am Charity Initiative (Saudi Food Bank) recently honored Red Sea Mall, one of the companies supporting the efforts of the Saudi Food Bank, during the launch of the “A Third of Your Food” initiative. The event was organized by the Ita’am at the Duniaty ballroom of Sofitel Jeddah Corniche Hotel. 

Prince Abdullah and Khalid Al-Fozan, chairman of the board of directors of the Ita’am Charity Initiative, presented an award to Mohammed Alasiri, unit marketing manager of Red Sea Mall, who accepted the award on behalf of Aidrous Al-Bar, executive member of Red Sea Markets Limited, which owns the Red Sea Mall. 

“There are six food storage stands installed within Red Sea Mall to reduce food wastage. The objective is to minimize the effects of excess food and its impact on the community, health and humanitarian levels. This effort is also aimed at creating awareness among the mall visitors by providing practical solutions, within the mall, to help reduce food wastage. Almost 49 tons of food were saved by mall visitors through saving extra food and using the food boxes provided by Ita’am in the mall, as part of the campaign with Ita’am during the year 2017,” Al-Bar said.

Alasiri stressed the continuation of the partnership with Ita’am to reduce food wastage and benefit from leftover food by distributing it to those in need. He said the move stems from the social responsibility of Red Sea Markets Limited.

“The mall represents an important destination for the city of Jeddah attracting large numbers of visitors throughout the year, which necessitates the need to fulfill the social commitment and play an active role through spreading awareness through the events held in the mall,” Alasiri added.

Executive Director of Ita’am, Abdullah Al-Derba commended the wise leadership of Prince Khalid Al-Faisal, governor of the Makkah region, toward the work and efforts of Ita’am and the follow-up and care of Deputy Governor of Makkah region Prince Abdullah bin Bandar.

Al-Derba recounted Ita’am’s progress, achievements and projects, and its care of the volunteers in order to achieve the initiative’s mission to put a stop to food wastage. Ita’am was able to prepare 1,740,000 meals through the participation of 360 volunteers, and served the meals to 523 families. He said that this initiative relies on the efforts of the Kingdom’s youth to achieve the Saudi Vision 2030 in volunteering toward community development and other social causes.


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.”