GFH reports net profit of $115m for 2018

Hisham Alrayes, CEO of GFH, and Jassim Al-Siddiqi, chairman of GFH.
Updated 12 February 2019

GFH reports net profit of $115m for 2018

GFH Financial Group has announced continued growth in profitability and a strong performance for the financial year ending Dec. 31, 2018. For the year, the group reported consolidated net profit of $115 million as compared to $103.19 million in the previous year, an increase of 11.4 percent, and a net profit attributable to shareholders of $114.08 million compared to $104.18 for the previous year, an increase of 9.5 percent.

The net profit attributable to shareholders for the fourth quarter of 2018 was $10.64 million versus $16.95 million in the fourth quarter of 2017, a decrease of 37.2 percent. The consolidated net profit for the fourth quarter of 2018 was $10.39 million as opposed to $12.15 million in the fourth quarter of 2017, a decrease of 14.5 percent. 

Jassim Al-Siddiqi, chairman of GFH, said: “We are pleased with the continued growth in profitably and strong performance delivered by the group in 2018.

“Among the strongest measures of market confidence in GFH today and over the past year was the raising of more than $1 billion through our investment products and treasury and capital markets during 2018, which fuels further growth and investment for GFH in 2019.” 

Hisham Alrayes, CEO of GFH, said: “The year 2018 was another year of significant progress for GFH and we are proud of our performance and demonstrated ability to deliver sustained profitably and growth year after year.”

Cartier unveils Coloratura at historic Riyadh palace

Updated 13 February 2019

Cartier unveils Coloratura at historic Riyadh palace

Guests of Cartier were treated to an unforgettable evening at the late King Faisal’s palace Qasr Al-Maather, situated in the heart of the Alfaisal University in Riyadh, as the maison unveiled its latest high jewelry collection Coloratura. 

The evening was held under the patronage of Princess Maha bint Mishari, vice president of external relations and advancement at Alfaisal University. In her opening remarks, she said: “The new friendship between maison Cartier and Alfaisal University is about the shared values and goals that we have in the areas of education and the empowerment of women.”

Princess Maha added: “Cartier’s global efforts as well as the great heart and commitment of the entire Cartier team were so very apparent in the spectacular exhibition created, as evidenced by the great care taken in preparation of the historic venue for the evening’s event.” 

Coloratura took the guests on a journey to the four corners of the globe, symbolic of Cartier’s long-standing relationship with India, Africa and the Orient. With dynamic stone pairings, unexpected color palettes and the illusion of infinite movement, Coloratura also featured exclusive pieces, created by Cartier especially for its Saudi clients.

Held in one of the Kingdom’s most iconic building, Coloratura was presented in conjunction with an exhibition of pieces from the Cartier Patrimony Collection, especially flown in for the occasion and illustrating the maison’s main creative influences throughout its history. A key piece of the exhibition was the Asma Allah Al-Husna bracelet, featuring a 19th century Islamic arts inspired creation.

“The legacy of the House of Cartier is ensured through the brilliance of its artisans, as is the legacy of Alfaisal ensured through that of its students. Shared values, mutual interests, and a commitment to education are what binds this collaboration for now, and for success in all its future endeavors to come,” said Princess Maha.

The guests witnessed and appreciated Cartier’s mastery of fine craftsmanship through pieces from the Tutti Frutti collection. A marriage of texture, color and form with sapphires, rubies and emeralds, Tutti Frutti possesses a unique style that dates back to the 1920s. 

“After Paris, Tokyo and Seoul, we are proud to offer our Saudi clients this stunning showcase of Cartier’s know-how in their home country,” said Alban du Mesnil du Buisson, managing director Cartier Saudi Arabia. 

“We are very pleased to have our event open to the public on one of the exhibition days, and truly honored to host it inside this unique and culturally significant structure that symbolizes the Kingdom’s commitment to nurturing and educating its community and youth — a philosophy that echoes Cartier’s values,” he added.