Bahrain's Gulf Finance House (GFH) has reversed nine straight quarters of losses.
The rebound could mark a turning point for the Islamic investment bank, one of the companies hardest hit in the Gulf by the global financial crisis. GFH absorbed more than US$1 billion (Dh3.67bn) of losses before inching back to profitability in the first three months of this year with net income of $11.9 million.
"We accept that we have had a tough two years as a result of the global financial crisis," said Esam Janahi, the GFH executive chairman, "but we have had around 10 good years before that where we built our reputation and an impressive track record in creating Islamic financial institutions and pioneering a series of infrastructure projects that aim to fill the growth gap in developing economies".
Before its business model cracked under the stress of the crisis, GFH had been one of the Gulf's most energetic companies, arranging huge infrastructure projects across the region and using its considerable financial might to buy stakes in banks and property companies. It was behind a series of Energy City projects in Qatar, India and Libya worth billions of dollars each. It also launched the Tunis Financial Harbour, an offshore financial centre.
The company ran aground as the result of a model that relied on charging premiums to investors who put money in its large property projects and private equity deals. When those investors retreated after the financial crisis, GFH's primary sources of revenue dried up. Many of its projects were also put on hold, dealing a further blow to investors and partners. After repaying much of its debt last year and extending maturities on the remainder, GFH began a comprehensive retooling of the business under which it planned to make money by establishing and nurturing Islamic financial institutions.
It launched Syria Finance House last month, a first since the beginning of the restructuring.
Mr Janahi said: "We will be using our expertise and excellent track record to create more financial institutions ensuring a steady and continuous income stream from management fees and on our proprietary investments."
The company said its first-quarter profit was a result of a reduction - amounting to about 50 per cent - in expenses to $14.5m from the same period last year. Income was boosted further by the reversal of an award of shares in Balexco, a Bahraini aluminium extrusion company, to employees as part of a bonus scheme in 2008.
GFH is listed on the Bahrain Stock Exchange, the Kuwait Stock Exchange and the Dubai Financial Market. Trading in its shares has been suspended since the recapitalisation proposal last October.
afitch@thenational.ae
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HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
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2027: South Africa, Zimbabwe and Namibia; 2031: India and
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2025: Pakistan; 2029: India
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4pm Maratha Arabians v Northern Warriors
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RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
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Favourite place in UAE: Al Rams pearling village
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Best time to swim in the sea: When there is enough light to see beneath the surface
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
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Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
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Spending an excessive amount of time on the phone.
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Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
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What are the guidelines?
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Source: American Paediatric Association