Dubai – Mubasher: GFH Financial Group has noticeably expanded its investments in the real estate sector during the first quarter of 2017, according to a statement.
The company’s real estate assets rose 56.2% to reach $766.7 million in Q1-17, compared to $490.84 million in Q1-16.
Assets of investment properties reached $485.75 million, representing 63.3% of the company’s total portfolio.
Assets of development properties stood at $280.97 million, accounting for 36.6% of the company’s total portfolio.
Total assets reached $33.55 million in Q1-17, compared to $10.04 million in Q1-16.
The group’s total consolidated income grew 75% to $51.08 million in Q1-17, compared to $29.17 million in Q1-16.
Higher income is mainly attributed to a rise in investment banking income from the successful placement of two new asset management investments and partial exit from private equity portfolio.
Investment securities fell 4% to $560.80 million in Q1-17, compared to $582.97 million in Q1-16.
