Mubasher: GFH Financial Group has launched a number of investment banking deals during the first quarter of 2019 from which the group is expected to generate revenues in the future quarters, the group’s head of financial control said.
The group, listed on the Bahrain Bourse, Boursa Kuwait, and the Dubai Financial Market (DFM), considers the establishment of an education platform in Q2-19, Surya Hariharan added in a press release.
Hariharan also highlighted GFH’s outstanding pipeline of both regional and international transactions, expected to be to the group’s investors in the coming quarters of 2019.
GFH’s real estate business progressed across the GCC, MENA region, and India during Q1-19, he remarked.
The Harbour Row project located in the Bahrain Financial Harbour has remarkably advanced this year in terms of construction and sale of units, with nearly 66% completed onsite works and around 70% of sales achieved of a Hotel Tower in the development, he added.
Hariharan further noted that the group has exited a partial stake in Al Areen Hotel in Q1-19, as well as sold some portion of Harbour Row.
In Q1-19, GFH posted a net profit of $20.7 million, down 43.9% from $36.89 million in Q1-18.
It is worth noting that the group’s revenues rose by 6.47% in Q1-19 to $70.12 million from $65.86 million in the same quarter of 2018.
