Saudi national carrier partners with ‘Summer Retreat’

Updated 14 June 2018
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Saudi national carrier partners with ‘Summer Retreat’

Saudi Arabian Airlines, the Saudi national carrier, is the latest addition to the list of leading national and international firms as strategic partners of the annual “Summer Retreat” planned on July 11 and 12.

The “Summer Retreat” includes two events: The Economic Forum on July 11 at the London Stock Exchange and the BMG Foundation Polo Cup at Cambridge Polo and Country Club on July 12. 

The forum will focus on encouraging foreign direct investments into the Kingdom via investment opportunities including, Giga
projects, IPOs, public debt offerings, privatization, etc. Saudi senior
officials, international sovereign funds officials, emerging funds managers, CEOs, and others are among the distinguished faculty of speakers.

 

On July 12, the 23rd BMG Foundation Polo Cup will take place, which is considered the oldest joint Saudi-British charitable social and diplomatic event where royal family members from the two countries have participated in the past including King Salman and Queen Elizabeth, among others. 

This noble event has been supporting charities in the UK and awareness campaigns in Saudi Arabia.

Decoder

What is the BMG Foundation Polo Cup?

BMG Foundation Polo Cup is an annual equestrian event focused on bridging business, social and philanthropic networks between the most influential business leaders of the East and the West. The event has raised hundreds of thousands of dollars for the needy around the world.


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.”