The company said in a statement on the Abu Dhabi Financial Market that the reason for the decline in net profits was the result of the low contribution from the group’s commercial banking company during this quarter.
Earnings per share during the quarter amounted to 0.69 cents, compared to 0.74 cents in the last quarter of 2022.
The total profit amounted to $108.24 million for the last quarter of the year, with good contributions from the group’s subsidiaries, income generated from underwriting operations, investment portfolio fees, and treasury activities. This compares to $109.73 million in the last quarter of 2022, a decrease of 1.36 percent.
The consolidated net profit for the last quarter amounted to $24.18 million compared to $26.23 million in the last quarter of 2022, a decrease of 7.82 percent.
The value of total expenses for the quarter amounted to $84.06 million, compared to $83.50 million in the same period of the previous year, an increase of 0.67 percent.
$103 million profits for the year
GFH Group recorded a net profit attributable to shareholders of $102.86 million for the full year, compared to $90.25 million in 2022, an increase of 13.97 percent.
The group attributed these gains to the growth that occurred in investment banking activity, the contributions made from the subsidiary specialized in commercial banking, and the income generated from private investments in addition to treasury activities.
Earnings per share for the year amounted to 2.95 cents, compared to 2.65 cents for the entire year of 2022, an increase of 11.32 percent.
Total income for the year amounted to $369.53 million, an increase of 24.1 percent from $297.76 million for the previous year.
The consolidated net profit for the year amounted to $105.23 million, compared to $97.71 million in 2022, an increase of 7.69 percent.
The value of total expenses for the year amounted to $264.3 million compared to $200.06 million in 2022, an increase of 32.11 percent.
The value of total shareholders’ equity amounted to $989.54 million in December 2023, a decrease of 0.71 percent, from $996.6 million at the end of 2022.
The total value of the group’s assets also increased by 13.93 percent to $11.12 billion on December 31, 2023, compared to $9.76 billion on December 31, 2022.
The Board of Directors also recommended cash dividends totaling 6.2 percent on the nominal value ($0.0164 per share).
GFH currently manages more than $21 billion in assets and funds including a global portfolio of investments in logistics, healthcare, education and technology across the Middle East, North Africa, Europe and North America.
#GFHs #profits #amounted #million #quarter #2023…a #decline