Arab Today, arab today gulf finance house reports net profit of 17m in 2014
Last Updated : GMT 13:20:39
Arab Today, arab today
Arab Today, arab today

Gulf Finance House reports net profit of $17m in 2014

Arab Today, arab today

Arab Today, arab today Gulf Finance House reports net profit of $17m in 2014

Bahrain's GFH
Manama - BNA

GFH, the Bahrain based financial group, today announced its financial results for the fiscal year ended December 31, 2014, a transformative year marked by the launch of the new strategy and identity of the bank.
For 2014, the group posted a consolidated net profit of US$17 million when compared to a net loss of US$18 million for the previous year. The profit attributable to shareholders for 2014 is US$11 million as compared to a loss of US$18 million for 2013.
Total consolidated income for 2014 is US$160 million as compared to US$13.5 million in 2013. Excluding income of US$94.3 million from nonbanking operations, this reflected a sharp 387% rise in investment banking income, compared with the previous year. This was the result of a significant increase in placements and recoveries made during the year.
Operating profit before provisions for the year was US$27.6million compared to a loss of US$14.6 million in 2013. Total provisions of US$10.5million were taken in 2014 by GFH. Operating expenses for the year were US$133.8 million. Excluding costs related to non-banking income, expenses were US$42 million compared with US$ 34.6 million in the prior year.
Looking at the group's fourth quarter results, net profits stood at US$1.4 million compared with a loss of US$18.7 million in 2013. This was mainly attributed to the successful placement of the group's investments in two key residential transactions during the last quarter of the year, whilst this was affected by equity market crash in fourth quarter by US$ 6.3 million.
Commenting on the year's results,Dr. Ahmed Al-Mutawa, Chairman of GFH,said, "We have taken steps in 2014 to recapitalize our balance sheet, strengthen our structure and emerge as a financial group. We embarked upon a new strategy to create a more stable financial position by increasing our capital and enhancing the balance sheet, while focusing on acquisitions to strengthen the financial position of the group and our co-investors through steady streams of income and opportunities for strong upside potential at exit".
Dr. Al Mutawa continued, "We are pleased with the results achieved and aspire to achieve even better results this year to allow us to make distributions to shareholders. On this occasion, I would like to take this opportunity to thank our senior team for leadership throughout the year as well as the dedication of our entire staff. Their efforts have seen us enter 2015 in a stronger position to deliver greater value and enhanced results for our shareholders and co-investors in the year ahead."
Further commenting Mr. Hisham Alrayes, CEO of GFH, added, "We are extremely pleased that 2014 was a year of returning back strongly to investment placement, through attracting and placement of US$86m in a number of attractive investment transactions. We also concluded a number of successful exits from some of the investment projects, in addition to successful recoveries due to the bank from various parties, in addition to the settlement of some claims. We continued to work hard to enhance the potential of our current investments and seek out new opportunities for growth of the group and our co-investors, with the launch of three investment projects, Philadelphia Private School in Dubai, "Nurollife" residential project in Istanbul, in addition to a diversified investment portfolio including residential properties in Houston and Atlanta, as these projects are located in a different economic environment with distinctive options in each area. We profitably exited a UK real estate investment during the third quarter of 2014 delivering returns to investors at a rate of 21% per annum.
In 2014, GFH resumed our activity in our projects in Tunisia and Morocco through working with a number of companies to restructure the debts and liabilities of the projects. In addition, the group worked towards the completion of the master plan of its Dubailand project with Stantec of Canada engaged with WATG of the US to advance our Waterfront project in Bahrain as well as making progress on restarting the development of the Villamar project in Bahrain.
It is expected that 2015 will be an important year for GFH as the group looks forward to concluding a number of acquisitions to enhance the balance sheet, implement its strategy and realise greater returns that allow it to make distributions to shareholders.
Mr. Alrayes concluded, "On this occasion, I would like to extend my thanks and gratitude to all the investors and shareholders for their continued support and confidence in GFH. I would also like to extend my appreciation to the Central Bank of Bahrain for its ongoing guidance and direction."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gulf finance house reports net profit of 17m in 2014 Arab Today, arab today gulf finance house reports net profit of 17m in 2014

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gulf finance house reports net profit of 17m in 2014 Arab Today, arab today gulf finance house reports net profit of 17m in 2014

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Ryanair's O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

Ryanair's O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday