Friday 9 June 2023

The GFH meeting

GFH AGM approves distribution of 6pc dividend for 2022

MANAMA, March 26, 2023

GFH Financial Group (GFH), which has more than $17.6 billion in assets and funds under management, has approved distribution of a cash dividend of 6% of the nominal value of all the ordinary shares for 2022. This is equivalent to $0.0159 (BD0.0060, AED0.05840) per share.
The dividend, recommended by the Board of Directors, was approved at the Annual General Meeting (AGM) of the firm held virtually.
Commenting, Ghazi Al Hajeri, Chairman of GFH, said: “Following a year of strong financial results and progress, we continue to build on the support and confidence of our shareholders in the group and our strategy. The Group continues to focus on creating value for our shareholders, investors and partners. We have been building on this momentum in 2023 and remain focused on further growth in the year ahead.”
Further strides
Hisham Alrayes, CEO of GFH, added: “We remain grateful to our shareholders for their continued support and confidence in GFH and our strategy, which saw us make further strides throughout the business in 2022 including delivering double digit growth in income, completing more than $1.2 billion of new investments across global markets, and the listing of our shares on the Abu Dhabi Securities Exchange (ADX), marking the group’s fourth regional listing and a further broadening of our shareholder base to create even more liquidity.”
He continued: “In light of ongoing improvements in the business and further diversification and growth, we received a ratings’ upgrade from S&P Global Ratings, which raised GFH’s ratings to ‘B’, with a Stable Outlook. This is further confirmation that we continue to deliver on our strategy and our promises to our shareholders year after year. 
“Despite challenges across global markets in 2022 and ongoing this year, our investments remain resilient and we are focused on further building and diversifying our global footprint and portfolio of assets following on from our successful expansion last year. In 2022, the group established new offices in London and Riyadh and concluded the acquisition of two new specialty asset management businesses in the US. 
“These acquisitions will support the further growth of our investment activities and the group’s pipeline of well-performing, income-yielding investments in the healthcare and residential real estate sectors.”
Shareholders also confirmed the appointment of Yousef Abdullah Taqi as a complementary independent director of the Board in its current term, the reappointment of the Group’s external auditors for 2023 and authorised the Board to appoint market maker(s) in any or all markets in which the group’s shares are listed, subject to regulatory approvals, including the authority to determine the market maker(s), the duration of the contract and other relevant details.
Also approved were the minutes of the previous meeting held on April 3, 2022, the Board of Directors’ report on the group’s business activities for 2022, the consolidated financial statements for the financial year ended December 31, 2022, and the Sharia Supervisory Board’s report on the group’s business activities for the past year.
Today, GFH’s global portfolio of investments include logistics, healthcare, education and technology in the Mena region, Europe and North America.-- TradeArabia News Service


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