Manama: Bahrain-based Islamic investment firm GFH Financial Group (GFH) yesterday announced it has repaid $45 million to its debt syndicates.
A statement by the firm said the repayment represents more than 25 per cent of outstanding facilities.
Outstanding syndicated facilities now stand at $105m whereas total equity is $700m, it added.
“We are pleased to continue strengthening our balance sheet with the scheduled repayments to debt holders,” said GFH chief executive Hisham Alrayes.
“Over last few years, we have been able to deleverage significantly, having had liabilities in excess of $1 billion in 2008 as against $105m only now,” he added.
“Our debt to equity ratio of 0.15 is a testament to this and our debt holders have been extremely happy with GFH performance.”
Mr Alrayes said the firm was now “strong, liquid and adequately capitalised” and future growth would be unlocked through “sound commercial and investment banking”.
In May, GFH reported a 176pc increase in first quarter net profit at $6.1m compared with $2.2m reported in the same quarter last year.
Consolidated profit for the quarter under review was $10m, an increase of 66pc compared with consolidated profit of $6m for the same period last year.
Mr Alrayes had said then that long-term strategy and diversification efforts were consistently showing positive results.
The firm, he had said would “continue to target a number of strategic projects which will signify recurring income and increase financial stability”.
“We also expect to be successful in various recoveries,” Mr Alrayes had said.
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