business bites www.bahrainthismonth.com 80 September 2022 GFH REPORTS NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS Bahrain Car Parks Company (Amakin) B.S.C has announced its financial results for the second quarter and the six months ended June 30, 2022. As per the company’s financial results for the three months ended June 30, 2022 net profit reached BHD136 thousand compared to BHD170 thousand reported for the same period in 2021, a decrease of 20 percent. The company reported a total comprehensive income of BHD66 thousand seven percent lower compared to BHD71 thousand reported for the same period in 2021, and an increase of 23 percent in operating income, BHD546 thousand compared to BHD444 thousand for the same period in 2021. As for the company’s financial results for the six months ended June 30, 2022 net profit reached BHD300 thousand compared to BHD368 thousand reported for the same period last year, a decrease of 19 percent. The company reported a total comprehensive income of BHD249 thousand 16 percent higher compared to BHD215 thousand reported in the previous year, and a 23 percent increase in operating income, BHD 1.1 million compared to BHD 881 thousand for the same period in 2021. Chief Executive Officer of Bahrain Car Parks Company, Tariq Ali Aljowder, said: “As our performance has been consistent with our strategic plan, we are confident in our approach to generating profitable growth, and we will continue to prioritise operational excellence, cutting-edge solutions, and outstanding customer service in order to create long-term value for our shareholders.” Bahrain Clear (BHC) recently announced the launch of Bahrain Private Market, a new comprehensive platform for closed shareholding companies. The platform aims to provide a full suite of bespoke share registrar services in a secure and electronic format in accordance with issued Law No. (09) of 2022 in relation to commercial registration services published in the Official Gazette No. (3594). Bahrain Private Market will offer a range of services for closed shareholding companies with a total annual fee of BHD500 which includes change of partners (trading between existing shareholders), authorised signatories, directors, and company type and mergers. In addition, closed shareholding companies can transfer company ownership, increase/ decrease in capital, preform pledging and unpledging transactions, discharge and lifting, and judicial custodianship. Bahrain Bourse’s Chief Executive Officer, and Vice Chairman and Managing Director of Bahrain Clear, Shaikh Khalifa Bin Ebrahim Al Khalifa said: “Joining Bahrain Private Market aims to prepare closed Shareholding companies to kick-start their journey towards public capital markets and expose them to the overall exchange ecosystem.” Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of BHD5 million, and a paid up capital of BHD1 million. Bahrain Clear is licensed by the Central Bank of Bahrain as a ‘Clearing House and Central Depository’ offering post-trade services to investors. Bahrain Clear Launches Bahrain Private Market BAHRAIN CAR PARKS COMPANY (AMAKIN) ANNOUNCES ITS FINANCIAL RESULTS GFH Financial Group B.S.C has announced its financial results for the first six months of the year ended June 30. Net profit attributable to shareholders increased by 13.9 percent to USD42.18 million for the first half of 2022 compared with USD37.04 million in the first six months of 2021. Total income for the first half of 2022 was USD182.76 million versus USD181.01 million for the 2021 period, an increase of 1.0 percent. Consolidated net profit for the six-month period increased by 2.8 percent to USD45.38 million compared with USD44.15 million in the first six months of 2021. Chairman of GFH, Ghazi Al Hajeri, said: “During the period, we successfully spun out the Group’s infrastructure and real estate assets into Infracorp, which was capitalised with more than USD1 billion in infrastructure and developed assets.” CEO of GFH, Hisham Alrayes, added: “We also acquired a majority stake in SQ Asset Management, a US-based student housing specialist, strengthening our presence in the US real estate sector and supporting new transactions of approximately USD0.5 billion in the student housing space during the first half of the year alone.” GFH currently manages over USD15 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.
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