GFH reveals boost in first-half profits

Jassim Alseddiqi and Hisham Alrayes.
Updated 14 August 2018

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.”

MYNM welcomes new BMW X5 in Saudi Arabia

MYNM welcomed the new vehicle in the BMW Automall showroom in Jeddah on Nov. 11.
Updated 20 November 2018

MYNM welcomes new BMW X5 in Saudi Arabia

MYNM, the official importer of BMW Group in Saudi Arabia, has announced the arrival of the new BMW X5. MYNM welcomed the new vehicle in the BMW Automall showroom in Jeddah on Nov. 11.

Compared to its predecessor, the BMW X5 has grown in all dimensions while still retaining its charismatic character and proportions. Its design language has become more athletic, with more clearly defined surfaces and even more precise lines; the signature sculpted bonnet has a muscular appearance, and the front overhang is even shorter than the previous model. 

The new X5 boasts a dynamic front design with its large BMW kidney grille. The standard LED headlights are very slim and wrap around into the front wings giving it its unique character. 

The new BMW X5 will be launched with two power-boosted engines with a three-liter six-cylinder petrol engine with 340 hp and a max. torque of 450 Nm. 

The BMW X5 will be available for sale across MYNM showrooms this December. Customers can view the model in person and schedule a test drive to experience it.