GFH reported robust earnings growth in the first quarter, rewarding shareholders with a 240% year-on-year increase for the first half of the year.
Dr. Fuad Al Omar, chairman of GFH, stated: “The consistent improvement in GFH’s performance is very encouraging for both the Board and shareholders. The bank benefits from a strong pipeline of prestigious projects that attract clients.”
“The management team continues to showcase remarkable innovation, and their skills deserve recognition. This year has been exciting with more good news ahead. We also express our gratitude to the Bahrain Monetary Agency (BMA) for their support,” he added.
GFH has been listed on the Bahrain and Kuwait stock exchanges since January 2004. With major financial institutions as shareholders, GFH has established itself as a leading Islamic investment bank known for innovative projects and high-quality management.
CEO Esam Janahi noted: “Our success is built on client support, and our reputation is crucial. We listen to clients and meet their needs. Projects like Bahrain Financial Harbour, Al Areen Desert Spa and Resort, and Al-Andalus in Spain appeal to our clients.”
He also highlighted GFH’s regional expansion, including a significant stake in Al Batinah Development and Investment Holding Company in Oman, and an MoU with the Dubai Development and Investment Authority to co-promote the Arabian Legends theme park in Dubailand, UAE.
Janahi acknowledged the challenge of maintaining performance, saying: “Sustaining this momentum is challenging, but we’ve identified investment banking income streams that will support growth through the year and beyond. Our business model drives our growth.”
To continue this growth, GFH is reorganizing operations and investing in new offices, staff, and IT systems, he added.
GFH more than doubled its net worth to $215 million by June 30, 2004, due to a capital increase in January and earnings growth.
