Fri, 09 September 2022
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.