Bahrain-based investment bank GFH Financial Group reported a 56 per cent drop in its 2017 full-year net profit as income declined amid difficult market conditions.
Consolidated net profit for the 12-month period to the end of December came in at $103 million (Dh378m), down from $233m recorded a year earlier, the company said in a regulatory filing on Wednesday to the Dubai Financial Market. Total income more than halved to $204.36m from $570m for the same period, it said.
These results, in real terms, reflect year-on-year growth in all areas of the business when excluding a $464m in one-off income from the settlement of litigation by the GFH group in the fourth quarter of 2016, the company said in a separate statement.
The Sharia-compliant investment bank's board recommended distribution of 8.7 per cent cash dividend, which equals to $85m. It had distributed 10 per cent cash dividend for financial year 2016.
Net income attributable to shareholders for the fourth quarter of 2017 was reached $16.9m, down from 213.18m recorded for the last three months of 2016, according to the statement.
GFH, which swung to $25.09m profit in the third quarter of 2017 from a loss of $7.58m for the same period in 2016, was expecting a similar performance for the final quarter and into 2018, its chief executive Hisham Al Rayes said in December.
Ahmed Al Khalifa, chairman of GFH, on Wednesday said the 2017 financial year results are significant despite macroeconomic and geopolitical challenges that have persisted in the Mena region and other global markets where GFH invests.
"We look to leverage our expertise and track record in order to continue to grow each of our business lines and to maximise our investments and asset, across the multiple sectors and geographies in which we are active," he said.
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Read more:
Abu Dhabi fund Goldilocks buys stake in GFH
Goldilocks Investment builds Dana Gas stake
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“We are also hopeful that with the strong foundations we have built, and the strategies adopted, we will be well placed to capitalise on rising oil prices and forecasts that have provided the region with greater optimism during 2018.”
Total assets of GFH grew by 25 per cent to $4.11 billion at the end of 2017 while its liabilities climbed to $1.71bn from $1.16bn at the end of 2016.
The investment bank, whose shares are listed in Bahrain, Kuwait and Dubai, is looking to secure approval from Saudi Arabia’s market regulator in the first half of this year to cross-list on the Tadawul stock exchange, the region’s biggest bourse by market capitalisation.
Abu Dhabi-based Goldilocks Investment Company, controlled by Abu Dhabi Financial Group, in January said it took a 4.99 per cent stake in GFH. Other GFH shareholders include Integrated Capital and ADFG. Together with Goldilocks, these shareholders hold around 15 per cent of GFH's total shares.
Killing of Qassem Suleimani
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Abu Dhabi race card
5pm Abu Dhabi Fillies Classic Prestige | Dh110,000 | 1,400m
5.30pm Abu Dhabi Colts Classic Prestige | Dh110,000 | 1,400m
6pm Abu Dhabi Championship Listed | Dh180,000 | 1,600m
6.30pm Maiden | Dh80,000 | 1,600m
7pm Wathba Stallions Cup Handicap | Dh80,000 | 1,400m
7.30pm Handicap (TB) |Dh100,000 | 2,400m
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
LOS ANGELES GALAXY 2 MANCHESTER UNITED 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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The%20specs%20
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Company%20Profile
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The%C2%A0specs%20
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City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Schedule
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