Group Highlights for Q2 and H1 2023:
- Successfully executed its strategy and reported enhanced financial performance and results for the second quarter (Q2 2023) and first six months of the year ended 30 June 2023 (H1 2023).
- Delivered double-digit growth in income and profitability for Q2 and H1 2023 attributable to ongoing progress and contributions from the Group’s core business lines – Investment Management, Commercial Banking and Treasury & Proprietary Investments.
- Generated US$39.17 million in income from investment activities during Q2 2023 from the placement of the Group’s Healian regional healthcare platform as well as from the Group’s GCC Logistics Fund and US Opportunistic Fund.
- Strong contributions were made from investment banking activities including from GFH Capital, GFH Partners and GFH’s Private Equity transactions.
- MTM gains on the Group’s Treasury portfolio during Q2 2023 despite market volatility and additional positive contributions from other subsidiaries and associates.
- Affirmed ratings from Fitch of GFH’s Long- and Short-Term Issuer Default Ratings (IDR) at ‘B’ with Stable outlook. Key ratings drivers included GFH’s reduced exposure to illiquid unlisted investments, growth in treasury activities, increased fee-generative business from investment management and reduced legacy illiquid real estate investments.
- Launch of GFH Partners, a fully-owned subsidiary focused on expanding the Group’s global asset management capabilities with a particular focus on the real estate sector, where the Group currently manages over US$6 billion of assets.
GFH Financial Group B.S.C (“GFH” or “the Group”) (Bahrain Bourse: GFH) today announced its financial results for the second quarter (“the quarter”) and first six months of the year ended 30 June 2023 (“the period”).
The Group reported net profit attributable to shareholders of US$30.61 million for the second quarter of the year up 32.74.% compared with US$23.06 million for the second quarter of 2022 reflecting continued steady growth and progress. Major contributions included income generated from the placement of the Group’s global and regional investments, commercial banking business and treasury activities. Earnings per share for the second quarter was US cents 0.86 compared to US cents 0.66 for the comparative quarter of 2022. Total income for the second quarter of 2023 was US$86.83 million compared to US$56.11 million for the second quarter of 2022, a rise of 54.7%. Consolidated net profit for the second quarter was US$32.75 million compared with US$26.03 million in the second quarter of 2022, an increase of 25.8%. Total expenses for the second quarter were US$54.08 million compared to US$30.08 million in the comparative quarter of 2022, an increase of 79.76%.
Net profit attributable to shareholders increased by 29.5% to US$54.62 million for the first half of 2023 compared with US$42.38 million in the first six months of 2022 in line with growth in contributions from all business lines. Earnings per share for the period was US cents 1.55 compared to US cents 1.21 for the first six months of 2022. Total income for the first half of 2023 was US$173.77 million versus US$122.13 million for the 2022 period, an increase of 42.3%. Consolidated net profit for the six-month period increased by 26.0% to US$57.19 million compared with US$45.38 million in the first six months of 2022. Total expenses for the period were US$116.58 million up 51.88% from US$76.76 million for the first six months of 2022.
Total equity attributable to shareholders was US$973.58 million at 30 June 2023 down 2.3% from US$996.60 million at 31 December 2022. The decrease was the result of dividends paid for the previous year along with fair value changes and changes in treasury shares. Total assets of the Group increased by 5.9% reaching US$10.34 billion at 30 June 2023 compared with US$9.76 billion at 31 December 2022.
