GFH Financial Group, the Bahrain-based Sharia-compliant investment firm, said third quarter net income surged 23.3 per cent, boosted by its investment banking business.
Net profit attributable to shareholders in the three months to the end of September reached $30.9 million (Dh113.4m), GFH said in a statement on Monday. Its consolidated income for the third quarter also jumped 22.5 per cent to $31.26m.
The investment bank also reported a $103.4m net income for the first nine months of the year, a 19 per cent rise from a year earlier, it said. The company attributed the rise in part to strong contributions from investment activities.
“Significant improvements for the first nine months of the year can be attributed to growing contributions from the Group’s investment banking activities, which forms the core of our business and focus as we go forward,” Jassim Alseddiqi, Chairman of GFH Financial Group, said. “With this sustained momentum and progress, we expect to make even further gains by year end.”
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Equity attributable to shareholders came in at $1.09 billion for the first nine months of the year, dropping from $1.13bn at the end of the same period in 2017. The total assets of the group, however, increased 11 per cent to $4.43bn for the period.
In October, the Manama-headquartered firm received "conditional approval" from the central bank on an offer to sell its real estate portfolio for $1bn. It expects to receive an upfront payment ranging from $259m to $380m, with the remainder based on a joint development agreement over five years, the company said in a statement at the time. GFH is seeking regulatory approval to list its shares on Saudi Arabia's Tadawul benchmark gauge in addition to its shares trading in Bahrain, Kuwait and Dubai.
In May, the company acquired 85 per cent of UAE-based retail app, The Entertainer, through a deal which gives GFH about 5 to 10 per cent control. GFH will invest up to $150m in The Entertainer throughout the holding period.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
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Torque: 350 and 360Nm
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Price: from Dh136,521 VAT and Dh166,464 VAT
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Engine: Four electric motors, one at each wheel
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
UAE currency: the story behind the money in your pockets
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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SPECS
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
