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.”