GFH Financial Group (GFH) has announced its financial results for the first nine months of 2015 ended Sept. 30, 2015, reporting strong performance and profitability.

For the first nine months of the year, the group reported a net profit of $18 million compared to $23.1 million during the prior year period. Net profit for the third quarter of 2015 was $4.3 million versus $8.3 million reported in the third quarter of 2014.

The main profit contribution was from GFH’s real estate division. Also supporting the group’s results is continued sound performance across key group subsidiaries, including its commercial banking arm, Khaleeji Commercial Bank (KHCB).

Total income for the first nine months of 2015 was $78.9 million when compared with $83.1 million for the same period of 2014. Operating expenses for the period were $57.5 million compared with $50.1 million last year.

Net profit attributable to shareholders in Q3, 2015, amounted to $0.8 million compared to $6 million in 2014. Net profit attributable to shareholders for the first nine months of the year was $4.1 million compared to $16.8 million in 2014 because of one off recoveries in the same period in 2014.

GFH CEO Hisham Al-Rayes commented: “This quarter was difficult given the recent dramatic changes in the market. Nevertheless, we have been able to maintain our profitability and performance.”

Al-Rayes added: “This quarter, we have announced the signing of the US industrial portfolio, which consists of diversified assets across the six states and this new project is an addition to our previously acquired assets in the United States.”