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GFH Financial Group (GFH) has announced a net profit attributable to shareholders of $118.5 million for the full year 2024, a 15.21 per cent increase compared to $102.86m in 2023.
The strong performance was driven by growth in investment banking, proprietary income, contributions from its commercial banking subsidiary, and robust results in treasury and asset management.
Fourth-quarter net profit attributable to shareholders reached $30.56m, up 27.63pc from $23.94m in the same period of 2023, attributed to increased contributions from investment banking and proprietary investments.
Earnings per share for the year stood at 3.27 cents, up 10.85pc from 2.95 cents in 2023. Fourth-quarter earnings per share were 0.84 cents compared to 0.69 cents in the fourth quarter of 2023.
Total income for the year surged by 39.86pc to $675.82m from $483.22m in 2023, reflecting growth across all business lines. Fourth-quarter total income increased by 32.57pc to $189.34m from $142.82m in the corresponding period of 2023, supported by investment banking activities, proprietary income, and treasury operations.
Consolidated net profit for the year reached $128.51m, a 22.12pc increase from $105.23m in 2023. Fourth-quarter consolidated net profit was $32.96m compared to $24.18m in the fourth quarter of 2023, a growth of 36.31pc, despite fair value movements in the group’s treasury and investment portfolio.
Total expenses for the year were $344.99m, compared with $264.30m in 2023, reflecting a 30.53pc increase, while fourth-quarter expenses rose by 32.17pc to $111.1m from $84.06m in the prior-year period, largely due to business operation expansion.
Total equity attributable to shareholders was $980.94m at the end of 2024, compared with $989.54m at the end of 2023. Total assets of the group were $11.03 billion at the end of 2024, compared with $11.12bn at the end of 2023.
The board of directors has recommended a total cash dividend of $55m, equivalent to 5.5pc on par value ($0.0146 per share excluding treasury shares), subject to approval by the general assembly and regulators.
GFH currently manages close to $22bn of assets and funds, including a global portfolio of investments in logistics, healthcare, education, and technology in the MENA region, Europe, and North America.
Chairman Abdulmohsen Al Rashed commented: “GFH has once again delivered sustainable value for its shareholders. The net profit attributable to shareholders grew by more than 15pc for the year. As a result, we are pleased to announce another solid dividend for our shareholders.”
He added: “We are also proud to have successfully priced our $500m five-year sukuk during the fourth quarter. Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders.”
GFH Group chief executive and board member Hisham Alrayes stated: “We are pleased to report another year of positive performance, with total income surging by 40pc. Our net profit attributable to shareholders also rose by 15.2pc. Investment banking remained a key driver of profitability. Our treasury and proprietary investments also delivered robust contributions. Our commercial banking business continued its upward trajectory.”
He added: “As we look ahead, we will continue to build on this momentum by capitalising on new investment opportunities, growing our global asset base, and further capitalising on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders.”
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