GFH Financial Group

Bahrain's GFH sells remaining 18 pct of Leeds United

A Dubai-based subsidiary of Islamic investment bank GFH Financial Group has sold its remaining 18 % stake in English football club Leeds United, ending nearly 4 years of Middle Eastern involvement in the club. GFH Capital sold the stake to Eleonora Sport, operated by Italian businessman Massimo Cellino. Eleonora now owns 100 % of the club, Leeds United said.

GFH bought Leeds United in December 2012 but within months began looking for new investment in the club, and in 2014 Cellino bought a majority stake in it. GFH Financial did not reveal the price at which it sold its remaining stake but said the deal would reflect positively on its financials and liquidity for 2016. Crippled during the global credit crisis in 2008, GFH Financial went through several debt restructurings but has resumed expanding in the financial services sector. In August it signed a memorandum of understanding to buy most of Bahrain's Bank Al Khair.

#Bahrain's GFH repays $45 million in syndicated debt

Bahrain-based Islamic investment bank GFH Financial Group has repaid $45 million worth of debt, bringing its total syndicated liabilities down to $105 million. This is the latest effort by GFH to deleverage, having held liabilities of over $1 billion back in 2008. In June GFH planned to raise $150 million via sukuk to repay outstanding debts and use surplus cash for future investments. Together with Abu Dhabi Financial Group, GFH is working to establish an Islamic financial institution in Abu Dhabi's financial free zone with authorised capital of $100 million.

ADFG and Bahrain’s GFH to launch Islamic bank in Abu Dhabi

Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of $100 mn. ADFG's CEO Jassim Al Seddiqi said the bank will open very soon, it will be run as a commercial bank accepting offshore deposits and dealing in dollars. ADFG has recently raised its stake in GFH to 11.74% from 10% and the two firms are seeking other joint opportunities for the future.

GFH signs £100 million deal for Northacre's 1 palace street

GFH Financial Group (GFH) has signed an agreement with Palace Revive Developments Limited worth £100 million to be a partner in the No. 1 Palace Street development in central London, a project being developed by Northacre. Under the agreement, GFH will become an anchor partner for more than 30% of the units in the development, which is located opposite Buckingham Palace. Located in Buckingham Gate, No. 1 Palace Street includes 271,051 square feet of space adjacent to Buckingham Palace in the area between St James's, Mayfair and Belgravia, the development of 72 luxury apartments, a restaurant and health centre. The development is expected to be completed in 2018.

MIDEAST STOCKS-GFH Financial rises on stake sale; Dubai lacklustre

Shares in GFH Financial Group rose on Tuesday after the Islamic investment bank said it had agreed to sell a 10 percent stake in Bahraini cement producer Falcon Cement Co. GFH's Dubai-listed shares rose 2.3 percent. It has yet to trade in Bahrain. Other Dubai stocks made little headway. Rival developers Union Properties and Deyaar rose 1.2 and 1.6 percent respectively, but these are relative minnows compared with market bellwether Emaar Properties, which dropped 1.1 percent. Air Arabia fell 6.6 percent after the budget carrier went ex-dividend, helping drag Dubai's index 0.5 percent lower to 3,362 points. That trimmed the benchmark's gains since mid-January's two-year low to 28.2 percent.

GFH reports net profit for 2015

GFH Financial Group (GFH) has announced its full year financial results for 2015 with a consolidated profit of US$ 29 million before provisions of US$17 million, and a net profit of US$ 12.0 million, signaling sustained profitability for the Group. Total consolidated income for 2015 was US$85 million, as compared to US$90 million in 2014. Net profit for 2015 was US$ 12 million compared to net profit of US$ 27.3 million for 2014. Commercial banking income attributed to US$57.8 million and investment banking income attributed to US$20.1 million, while real estate has contributed US$5.6 million. The Group reported a loss of US$ 5.95 million for the last quarter of 2015 compared to a profit of US$ 4.2 million for the last quarter of 2014.

Abu Dhabi Financial Group lifts stake in GFH to 10 pct

The capital markets arm of Abu Dhabi Financial Group (ADFG) has raised its stake in Dubai-listed GFH Financial Group to 10 percent, ADFG said on Wednesday. Integrated Capital's stake was 7.4 percent previously, data from the Dubai Financial Market shows. Bahrain-based GFH, an Islamic investment bank, is among the most traded stocks on Dubai's bourse. The shares have gained 41 percent since the end of November, while Dubai's index fell 4.4 percent over the same period. ADFG has about $3.2 billion in assets under management, its statement said.

GFH Repays Over Us$37 Million For Debt Syndicates

GFH Financial Group (GFH), the Bahrain based financial group, has repaid US$37.5 million to its debt syndicates. These repayments are in addition to US$33 million paid by GFH to its debt holders in 2014, and represents more than 30% of the Group's outstanding facilities. Today, the Group has outstanding debt of US$ 137 million under three facilities to be repaid on an amortized basis through 2018/2019. As of 30 June 2015, the Group's debt to equity ratio stood at only 0.24 underscoring the strength of GFH's balance sheet.

GFH Financial says returns $53 million to investors

Bahrain’s GFH Financial Group has distributed dividends of $53 million to its funds’ investors, from investments in Bahrain, the UAE, US and India. In line with it's new strategy, GFH has spent the last 18 months investing in projects intended to provide steady cash yields for investors, the company said. For example, Diversified US Residential Portfolio (DURP) – an investment in US residential assets – distributed dividends of $1.3 million to investors. The portfolio comprises two multiple-dwelling residential properties, one in Houston, the other in Atlanta, with 1,300 apartments in total and 95 percent occupancy. Earlier this month, the group reported net profit of $13.6 million in the first six months of 2015.

GFH reports US$13.6 million net profit for the first half of 2015

GFH Financial Group has announced its financial results for the first half of 2015 ended June 30, 2015. For the first six months of 2015, the Group reported a net profit of US$13.6 million compared with US$14.8 million during the prior year period. Net profit for the second quarter of 2015 was US$7.6 million versus US$12.4 million reported in the second quarter of 2014. Last year's results included a one-off income of US$33 million as a result of a recovery. Excluding this one-off gain, net profit for the first six months of 2015 increased to US$13.6 million compared to a loss of US$18.2 million for the prior year period.

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