GFH Financial Group Approves Distribution of $85 Million of Dividends
GFH Financial Group today announced the conclusion of its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for the financial year ended 31 December 2017, where shareholders voted to distribute cash dividends of 8.72% of the nominal value of the ordinary shares (US$0.0231 per share) at a total amount not exceeding US$85,000,000. Dividend distribution will commence within 10 days from the AGM date.
Shareholders also approved the Group’s 2017 financial results, which saw GFH report strong net profit of US$104.2 million for the year, reflecting significant year-on-year growth in all areas of the business when excluding one-off income recorded in 2016.
The meeting further saw the approval of the Board of Director’s Report, the new policies of GFH and the election of a new Member of the Board of Director, Mr. Mustafa Kheriba, who fills an existing vacancy and will join the Board for the current 2017 – 2019 term. The Shari’a Supervisory Board and Corporate Governance reports were also approved as was the reappointment of the Group’s external auditors for the year 2018 and the Shari’a Supervisory Board for the coming five-year period (2018-2022).
Commenting, Mr. Jassim Al Seddiqi, Chairman of the Board of GFH, said, "We are pleased with the strong performance and dividends that GFH has delivered for 2017. The continued value that we are creating for shareholders underscores the strength of the Group’s strategy of diversification and its success in developing strong, new revenue stream across business lines. We have entered 2018 in an excellent position to grow and to further unlock value from our diverse portfolio of financial and infrastructure assets.”
Mr. Hisham Alrayes, GFH Chief Executive Officer, added, "Our strategy and efforts in 2017 have resulted in continued growth and ensured our ability to deliver strong returns to our shareholders again this year. With the momentum and progress of the past year, we move ahead in 2018 ready to embark upon a new era of expansion which will see GFH increase our transaction capacity, both in terms of deal numbers and size, pursue further profitable exists and maximise the value of our existing portfolios. We thank our shareholder and regulators for their continued support and confidence in GFH and look forward to delivering even stronger performance and returns in the year ahead.”
Gulf Finance House
GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.
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