GFH Financial Group, the Bahrain-based Sharia-compliant investment firm, said its second quarter net income rose 19 per cent, boosted by income from investment deals and a decline in operating expenses.
Net profit attributable to shareholders in the three months ending June 30 reached $36 million (Dh132.2m), GFH said in a statement on Monday. Quarterly consolidated revenues increased 4.8 per cent year-on-year to $63.7m, which included legal claims settled in favour of the group, it said.
"The ongoing growth in our investment banking business continues to drive enhanced results and profitability," Hisham Alrayes, chief executive of GFH, said. "Improvements in income generation came from a number of strategic deals including our landmark investment in the UAE-based Entertainer and a notable trophy real estate asset in Chicago."
The Bahrain headquartered firm acquired 85 per cent of the UAE-based retail app, The Entertainer, in May through a deal which gives GFH about 5 to 10 per cent control of the company, while it manages the remainder of the stake on behalf of the investors.
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GFH will invest up to $150m in The Entertainer throughout the holding period. UAE family conglomerates Al Futtaim and Al Zarooni have acquired "significant" minority stakes in lifestyle app and will partner with GFH to extend its reach.
GFH's operating expenses for the second quarter declined to $23.2m from $28m recorded a year earlier, it said.
The firm has made "strong progress" across its infrastructure portfolio, advancing projects according to plan and in line with its focus on achieving profitable exists going forward, Mr Alrayes said.
"We are confident that we are on track to further improve results and maintain strong distributions to shareholders," he said.
The Bahrain-based company reported a 56 per cent drop in its 2017 full-year net profit citing a decline in income and difficult market conditions.
The investment bank, whose shares are listed in Bahrain, Kuwait and Dubai, is seeking approval from Saudi Arabia’s market regulator to cross-list on the Tadawul stock exchange, the region’s biggest bourse by market capitalisation.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Heather, the Totality
Matthew Weiner,
Canongate
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
