Bahrain-based GFH Financial Group (GFH) has registered a net profit of $25.09 million for the third quarter compared to a loss of $7.58 million for the same period in 2016.

Announcing the results for the first nine months ended September 30, GFH said its net profit attributable to shareholders soared to $87.23 million , representing a 2108 per cent increase from $3.95 million the previous year.

The group reported a consolidated net profit of $91.04 million for the period, thus registering an increase of 839 per cent from a consolidated net profit of $9.7 million for the comparable prior-year period.
 
Net profit attributable to shareholders for third quarter increased to $25.09 million from a loss of $7.58 million for the comparable period in 2016, a rise of 431 per cent, said the company in a statement.
 
Consolidated net profit for third quarter increased to $25.52 million from a loss of $8.26 million in the prior-year period, it added.   

GFH is one of the most recognised financial groups in the Gulf region focusing on key sectors including asset management, wealth management, commercial banking and real estate development.

The group, which boasts vast operations in the GCC, North Africa and India, is listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market.

During the first nine months, the GFH Group’s total consolidated revenues grew 70 per cent to $169.03 million over $99.34 million last year, primarily due to revenues generated from the group’s investment banking business and real estate development projects.

Consolidated operating profit surged to $91.21 million in the first nine months from $34.76 million last year, while the total operating expenses for the period hit $77.83 million compared to $64.58 million in the prior-year period.

Commenting on the results, Chairman Sheikh Ahmed bin Khalifa Al Khalifa, said: "We are pleased to report another period of significantly enhanced financial results and growth in the group’s profitability for the first nine months of 2017."

"We are effectively seeing the fruits of our strategy and the growth of our revenue streams. We have established a strong portfolio across our business lines and the sharp improvement in our performance and profitably underscores the quality of our investment team and strategic investments," stated Sheikh Ahmed.
 
CEO Hisham Alrayes said: "We are delighted with the continued and strong progress we are making and growth in our operational income. In the third quarter, contributing to our strong revenues was the placement of recent investments we have made in the US in yielding assets and real estate sales in our development projects."

"These transactions underscore investor confidence in GFH as a brand and the value of the opportunities we are creating. With the solid foundations we have set, we look forward to a strong close to 2017 and results that would please our investors and shareholders," he added.-TradeArabia News Service