GFH’s net profit falls to $103.2m in 2017

Gulf Finance House said yesterday its consolidated net profit fell to $103.2 million (Dh378.7 million) in 2017 compared to $233.05 million in the year-ago period.

These results, in real terms, reflect year-onyear growth in all areas of the business when excluding $464 million in one-off income from the settlement of litigation by the Group in the fourth quarter of 2016, the company said in an emailed statement.

Consolidated net profit for the fourth quarter also fell to $12.1 million as against $223.34 million in the fourth quarter of 2016.

Recovery gains

For the full year 2017, GFH reported a consolidated revenue was $211.65 million compared to $115 million in 2016, excluding one-off recovery gains achieved in 2016 of $464 million.

This reflects a healthy increase in revenue of 84 per cent year-on-year.

“The continued operational revenue growth across our business lines underscores the strength of our strategy and success in diversification,” Shaikh Ahmad Bin Khalifa Al Khalifa, Chairman of GFH, said in the statement.

The board recommended distribution of a 8.7 per cent cash dividend ($85 million) to shareholders.

The dividend payout is subject to approval at the General Assembly and by regulators.