Gulf Finance House (GFH) announced today that the Annual General Meeting has approved a cash dividend payout of US$ 52.56 million for the fiscal year 2008. This is equivalent to 20 per cent of the par value of the paid-up capital. In addition a further 20 per cent will be paid in the form of bonus shares. This was driven by strong end of year profits of US$ 291 million.
Making an official statement after the Bank’s Ordinary and Extraordinary Annual General Meetings (AGM), Mr. Esam Janahi, Chairman, GFH, stated: “GFH has performed extremely well over the past year, posting strong full year profits despite a dip in earnings due to the unprecedented turbulence experienced throughout the global economy. These strong profits is due in part to the emphasis we continue to place on conceiving pioneering and diversified initiatives with some of the world’s fastest growing economies in mind. We continue to build and consolidate strong bonds of partnership with Governments, institutions and industry specialists across the GCC, Asia and North Africa. Alongside a robust and evolving business model GFH is well placed to build on its success in 2009.”
At the AGM, shareholders were updated by a report generated by the Board of Directors on the Bank’s financial performance in 2008, the global economic landscape, key achievements, strategic progress, Corporate Social Responsibility projects and the outlook for the year ahead.
Commenting on the Bank’s plans for 2009, Mr. Janahi added: “GFH will adapt its strategy to suit the economic environment it operates in. The innovative nature of our work over the past decade underlines the versatility of the products we can offer our clients in a changing market. Alongside our core activities we anticipate exploring opportunities in defensive sectors across the region and look to capitalize on undervalued assets.”
Key highlights of the agenda included the approval of the financial statements for the year ended 31 December 2008, a presentation of the Bank’s performance by the Chairman, the re-appointment of the Sharia’a board and the Bank’s auditors (KPMG Fakhro), releasing Board members from any liability, and the election of a new Board of Directors for the Bank for the years 2009-2012.
The Annual General Meeting has elected the following as directors for the subsequent term of three years, subject to the approval of the Central Bank of Bahrain:
• Al Shaya Group - Hamad Al Shaya
• Independent - Anthony Travis
• Kuwait Investment Company - Bader Nasser Al Sebaie
• Dubai Islamic Bank - Abdulla Ali Al-Hamli
• Adel Al Ohali
• Esam Yousif Janahi
• Qatar Islamic Bank - Abdullatif Al Meer
• Islamic Development Bank - Dr. Abdul Aziz Al Hinai
• Kuwait Finance House - Samir Al Nafisi
• Royal Guards of Oman Pension Fund - Mosbah Saif Al Mutairy
• Bahrain Islamic Bank - Mohammed Ebrahim Mohammed
• Saudi Economic & Development Co - Yousif Khayat
Mr Janahi took this opportunity to welcome the new Board Members, wishing them success in achieving the Bank’s goals, as well as the goals and interests of the companies they represent on the Board. Mr Janahi also announced that the first meeting for the new Board will be held in March, upon the Central Bank of Bahrain’s approval.
Concluding the AGM, the efforts of the senior management team were also recognized, praising the contributions made under increasingly challenging global economic conditions. With a cautiously confident outlook for 2009, the shareholders agreed that GFH will further diversify its product offering across Venture Capital, Private Equity and Asset Management. These new revenue streams will build on a core development infrastructure business that will continue to conceive and develop sector themed economic platforms in the world’s fastest growing economies.
