www.bahrainthismonth.com business bites September 2021 33 GFH Financial Group B.S.C has announced its financial results for the first six months of the year ended 30 June 2021. The Group reported net profit attributable to shareholders of USD20.92 million for the second quarter of the year up 109.8 percent when compared with USD 9.97 million for the second quarter of 2020. The increase reflects strong performance across business lines despite the ongoing impact worldwide of the COVID-19 pandemic. Earnings per share for second quarter was US cents 0.68 compared to US cents 0.30 for the comparative quarter of 2020. Total income for the second quarter of 2021 was USD 90.62 million compared to USD 77.07 million for the second quarter of 2020, a rise of 17.6 percent. Consolidated net profit for the second quarter was USD 24.81 million compared with USD 13.60 million in the second quarter of 2020, an increase of 82.3 percent. Major contributions for the second quarter of 2021 included income generated from the Group’s investment banking and placement activities, its financing portfolio and treasury income as well as higher contributions from its increased stake, acquired during the quarter, in Khaleeji Commercial Bank, the Group’s commercial banking subsidiary. Total expenses for the second quarter were USD 65.82 million compared to USD 63.46 million in the comparative period of 2020, an increase of 3.7 percent. A RISE IN PROFITS The Information & eGovernment Authority (iGA) issued its foreign trade report of July 2021, encompassing data on the balance of trade, imports, exports (national origin), and re-exports. The value of imports increased by 10 percent, reaching BD418 million during July 2021 compared to BD378 million for the same month of the previous year. The top ten countries accounted for 71 percent of the value of imports, with the remaining countries accounting for 29 percent. According to the report, Brazil ranked first when it came to imports to Bahrain, with a total of BD59 million, China was second with BD50 million, and the United Arab Emirates was third with BD31 million. Non-agglomerated iron ores and concentrates emerged as the top product imported by Bahrain with a total value of BD67 million, while aluminum oxide was second with BD26 million, and four-wheel drive cars third with BD17 million. The value of exports of national origin increased by 62 percent to BD327 million during July 2021, compared to BD202 million for the same month of the previous year. The top ten countries in terms of the value of exports of national origin purchased from Bahrain accounted for 75 percent of the total value, with the remaining countries accounting for 25 percent. The Kingdom of Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD75 million from Bahrain. United States of America was second with BD54 million and Egypt third with BD29 million. Unwrought aluminum alloyed emerged as the top products exported during July 2021 with BD97 million, agglomerated iron ores and concentrates was second with a value of BD67 million and third Semifinished iron and steel with BD18 million. The trade balance, difference between exports and imports, the value of the deficit of the trade balance reached BD31 million during July of 2021 versus BD135 million for the same month of the previous year with a decrease of 77%. IMPRESSIVE NATIONAL TRADING FIGURES
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