Mubasher: GFH Financial Group, listed on Boursa Kuwait; the Bahrain Bourse; and the Dubai Financial Market (DFM), has reported a 43.9% year-on-year drop in consolidated net profit for the first quarter of 2019.
Net profits reached $20.7 million in the three-month period ended 31 March 2019, compared to $36.89 million in Q1-18, according to a statement.
The decrease in Q1-19 profits was mainly driven by lower contribution from the group’s commercial banking arm and extended closure of investment funds, the group said.
Revenues increased by 6.47% to $70.12 million in Q1-19, versus $65.86 million in the year-ago period, GFH added.
Net profit attributable to shareholders for Q1-19 stood at $21.36 million, down 41.44% from $36.48 million in Q1-18.
Additionally, profit from ongoing operations for the period retreated by 40.75% to $21.17 million from $35.73 million in Q1-18.
Operating expenses slipped 0.6% in the January-March period of the year to $21.43 million, compared to $21.29 million in the prior-year period.
Meanwhile, finance costs for the group rose to $23.71 million for Q1-19, against $7.17 million in the same quarter of 2018, the group highlighted.
Moreover, the group received cash worth $40.72 million during the quarter, accounting for 58.07% of the revenues recorded.
Total assets amounted to $5.91 billion at the end of March, up 18.44% from $4.99 billion at the end of 2018, GFH noted.
The group’s liabilities rose to $4.50 billion at the end of March, as compared to $3.57 billion at the end of 2018.
Furthermore, total equity attributable to shareholders reached $1.05 billion at the end of March, compared to $1.06 billion at end-2018.
Earnings per share (EPS) stood at $0.61 in Q1-19, versus $1.02 in the corresponding quarter a year ago.
