GFH’s consolidated profits jump 18% in 9M-24 - Mubasher Info

GFH
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Mubasher: The net profit attributable to shareholders of GFH Financial Group hiked by 11.44% to $87.95 million in the first nine months (9M) of 2024 from $78.92 million in 9M-23.

Consolidated net profits amounted to $95.56 million in 9M-24, marking an annual increase of 17.90% from $81.05 million, according to a press release.

The gain was attributed to contributions from the investment banking business, the share of profits in the group’s commercial banking subsidiary, and income from treasury investment activities.

Earnings per share (EPS) hit $2.43 as of 30 September 2024, up 7.50% from $2.26 in the same period of 2023.

Total income jumped by 42.90% year-on-year (YoY) to $486.49 million in 9M-24 from $340.40 million.

Total assets stood at $10.94 billion as of 30 September 2024, down 1.60% from $11.12 billion at 31 December 2023. This was mainly due to net sale of proprietary investments.

Financials for Q3

In the third quarter (Q3) of 2024, the cross-listed group logged consolidated net profits valued at $27.65 million, higher by 15.90% than $23.86 million in Q3-23.

Net profit attributable to owners jumped by 11.90% YoY to $27.20 million in Q3-24 from $24.31 million, while the total income enlarged by 24.20% to $154.26 million from $124.19 million.

GFH currently manages more than $21 billion of assets and funds, including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe, and North America.

During the first half (H1) of 2024, the Bahraini firm recorded 11.20% YoY higher net profits attributable to the shareholders at $60.75 million, compared to $54.62 million.

Source: Mubasher Source: {{details.article.source}}