2024-02-13 20:10:06
The GFH Group revealed, on Tuesday, a net profit returned to shareholders of $23.94 million (87.8 million dirhams) for the fourth quarter of 2023, a decrease of 0.32% as a result of the lower contribution from the group’s commercial banking company in this quarter.
The consolidated net profit for the fourth quarter amounted to $24.18 million (88.7 million dirhams), a decrease of 7.82%.
The group recorded a net profit to shareholders of $102.86 million (377.5 million dirhams) for the full year, an increase of 13.97%. The consolidated net profit for the year amounted to $105.23 million (386.15 million dirhams), an increase of 7.69%.
Earnings per share during the quarter amounted to 0.69 cents, compared to 0.74 cents for the same period, and the total profit amounted to $108.24 million, with good contributions from the group’s subsidiaries, and income generated from underwriting operations, investment portfolio fees, and treasury activities, compared to $109.73. million dollars for the same period, a decrease of 1.36%. The consolidated net profit for the last quarter amounted to $24.18 million, compared to $26.23 million, a decrease of 7.82%. Total expenses amounted to $84.06 million, compared to $83.50 million, a decrease of 0.67%.
The group recorded a net profit to shareholders of $102.86 million for the full year, compared to $90.25 million in 2022, an increase of 13.97%. These gains are attributable to the growth in investment banking activity, contributions from the commercial banking subsidiary, income from private investments, and treasury activities. Earnings per share for the year amounted to 2.95 cents, compared to 2.65 cents for the entire year of 2022, an increase of 11.32%. Total income for the year was $369.53 million, an increase of 24.10% from $297.76 million for the previous year.
The consolidated net profit for the year amounted to $105.23 million, compared to $97.71 million in 2022, an increase of 7.69%. Total expenses for the year amounted to $264.30 million, compared to $200.06 million in 2022, an increase of 32.11%.
The value of total shareholders’ equity was $989.54 million at December 2023, down 0.71% from $996.60 million at the end of 2022. The value of the group’s total assets increased by 13.93% to $11.12 billion, as of December 31, 2023, compared to $9.76 billion. On December 31, 2022.
In line with the group’s good financial results, the Board of Directors recommended cash dividends totaling 6.2% on the nominal value ($0.0164 per share), subject to the approval of the General Assembly and regulatory authorities.
GFH currently manages more than $21 billion in assets and funds, including a global portfolio of investments in logistics, healthcare, education and technology across the Middle East, North Africa, Europe and North America.
Ghazi Al-Hajri, Chairman of the Group’s Board of Directors, said: “As a result of us entering the year 2023 at a strong pace, we are pleased to announce another year of enhanced profitable results and a double increase in income, as these good results reflect the strategy to raise financing and investment portfolios and the group’s continued achievement of the desired value.” To its shareholders. We are pleased to announce a healthy cash dividend of 6.2% on the nominal value to all shareholders.”
While Hisham Al-Rayes, CEO and member of the Board of Directors, said: “We announce another year of growth and good performance, with an increase in income by 24.1% and profits by 14% during the year 2023. This was achieved with the support of good contributions throughout the year from the group’s business lines.” The main sectors represented in investment banking, commercial banking, treasury and private investments.
1707856592
#million #dirhams #GFH #profits #growth