GFH reveals boost in first-half profits

Jassim Alseddiqi and Hisham Alrayes.
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.”


King Abdullah Economic City launches summer festival

Updated 22 July 2019
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King Abdullah Economic City launches summer festival

King Abdullah Economic City (KAEC) has announced the launch of the Turquoise World summer season in the coastline of turquoise water on the Red Sea. 

Taking place until Aug. 31, the festival will feature a variety of thrilling events and activities that fulfill KAEC visitors’ and residents’ expectations, particularly those who are seeking a distinctive lifestyle of recreational and entertainment within a modern environment.

“In line with the Kingdom’s ambitious vision 2030, King Abdullah Economic City is living rapid growth in its several strategic sectors, including the quality of life program along with the tourism and leisure sector, in order to create a world of entertainment at the heart of our nation,” said Ahmed Linjawy, group CEO of KAEC.

“Set to become the leading destination on the Red Sea, KAEC is fully equipped for hosting and organizing massive events and activities due to its logistical and state-of-the-art infrastructure, including world-class social, sports and leisure facilities that have been developed to provide a high-quality environment to meet the needs of those who aspire to a luxury lifestyle overlooking the virgin beaches of the Red Sea.” said Linjawy.

The “Turquoise World” festival was inspired by KAEC’s new identity “Another World” to offer an exceptional experience that has been designed to entertain all family members, with unique direct turquoise view of the Red Sea. 

The festival offers a variety of exclusive activities and events at the Beach Walk, and range of water sports at the Yam Beach, and the Bay La Sun Marina and Yacht Club, including water games at Aqua Fun, K-MAX — the first multi-dimensional movie theater in the Kingdom, and Juman Karting, among others. 

In addition to top-class hotels with an elevated standard of living and services that make KAEC an ideal destination to visit and live.

King Abdullah Economic City is the largest privately funded new city in the world, situated on the west coast of Saudi Arabia. 

KAEC covers an area of 181 sq km of land, approximately the size of Washington DC. KAEC comprises King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley. 

The city is under development by Emaar, The Economic City, a publicly listed Saudi joint-stock company established in 2006.