GFH reports net profit of $115m for 2018

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


Pharmaceutical giant Allergan to train KSU pharmacy students

Updated 23 April 2019
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Pharmaceutical giant Allergan to train KSU pharmacy students

Global biopharmaceutical company Allergan has signed a memorandum of understanding (MoU) with King Saud University (KSU) that focuses on developing a robust student-exchange program by facilitating training opportunities for Saudi nationals.

The agreement was signed by Ramsey Morad, Allergan’s vice president for India, Middle East and Africa, and Dr. Aws Al-Shamsan, dean of the College of Pharmacy at the university. The MoU is in line with the Kingdom’s overall efforts to drive more cooperation levels between the public and private sectors, with the underlying objective to integrate Saudi nationals into various fields within the health-care sector.

Under the agreement, Allergan will provide training courses on an annual basis for students at the College of Pharmacy as well as programs to develop their scientific and medical knowledge and align them to international industry best practices. Students will be assessed according to set parameters, and the top performers will earn an internship opportunity with the company

In addition, Allergan will run courses for faculty members at the College of Pharmacy with a focus on leadership skills.

Morad said: “We have used practical methods to express our commitment toward the Kingdom and toward the realization of Vision 2030. We are placing a very high emphasis on developing the local capabilities of Saudi nationals within the health-care sector, and this partnership with a leading university in the region is one of the steps we are taking. Saudi Arabia is at the heart of our operations in the region, and this MoU represents a key milestone in our efforts to attract the young minds of tomorrow and integrate them as core members of our Allergan team.” 

Al-Shamsan said: “We are proud to partner with Allergan to implement internationally recognized knowledge-based programs for the development of our students. With this MoU, we are focusing on the enhancement and development of the pharmaceutical sector across the Kingdom. We are guided by the mission to provide students experiences to learn from international best practices and, at the same time, work toward the improvement of the quality of the pharmaceutical sector in the Kingdom.”

Allergan said it is committed to a wide range of programs with health-care professionals, patients and national entities across the Kingdom. The company’s investments through its joint venture, Allergan Saudi Arabia, include the development of medical training centers focused on training health-care professionals in medical aesthetics.