Mubasher: GFH Financial Group recorded 15.21% year-on-year (YoY) higher net profits attributable to the shareholders at $118.50 million in 2024, versus $102.86 million.
The revenues hiked by 39.86% to $675.82 million last year from $482.22 million in 2023, according to the financial results.
Basic and diluted earnings per share (EPS) climbed by 10.85% YoY to $3.27 from $2.95.
Income Results for Q4-24
In the fourth quarter (Q4) of 2024, the cross-listed group recorded net profits attributable to owners valued at $30.56 million, an annual growth of 27.63% from $23.94 million.
This was attributed to higher contributions from investment banking and proprietary investment business lines.
Total income hiked by 32.57% to $189.34 million in Q4-24 from $142.82 million in Q4-23, while the EPS climbed by 21.74% to $0.84 from $0.69.
Abdulmohsen Rashed Al Rashed, Chairman of GFH, commented: “We are also proud to have successfully priced our $500 million five-year sukuk during the fourth quarter with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities.”
“Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader,” Al Rashed said.
Cash Dividends
GFH’s board has approved an increase in the proposed cash dividend from 5.50% to 6.20% on par value ($0.016 per share excluding treasury shares), subject to the general assembly’s approval.
The board members also recommended implementing the interim dividend distribution policy on a semi-annual basis starting 2025.
As of 30 September 2024, the net profit attributable to equityholders of GFH amounted to $87.95 million, up 11.44% YoY from $78.92 million.
In addition to trading on the Abu Dhabi Securities Exchange (ADX), GFH is cross-listed on the Dubai Financial Market (DFM), Bahrain Bourse (BHB), and Boursa Kuwait.
