Mubasher: The net profits attributable to the shareholders of GFH Financial Group slid by 31.7% to $45.1 million in 2020, compared to $66.033 million in 2019.
Lower net profits are driven by lower contribution from business lines due to the coronavirus (COVID-19) pandemic and its associated repercussions, according to a press release on Tuesday.
The basic and diluted earnings per share (EPS) stood at 1.35 cents in 2020, against 1.96 cents in the previous year.
During the fourth quarter (Q4) of 2020, the group announced net profits of $21.93 million, up from $1.5 million in the same period of 2019.
At the same time, the board has proposed a cash dividend distribution of $42 million at 4.6% on par value.
The Chairman of GFH, Jassim Alseddiqi, said: "The year was also marked by other milestones that underscored the sound and steady performance GFH is delivering year after year and the market confidence we now enjoy as a result - even during the current crisis."
Meanwhile, the CEO of GFH, Hisham Alrayes, commented: "During the year, we made more than $208 million of new investments leveraging our strong liquidity. These investments saw us expand our existing global portfolios in the MENA region, US and UK as well as conclude our first investment in Europe."
GFH is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).
