GFH approves $85m dividend distribution

28/03/2018 05:51 AST

GFH Financial Group (GFH) today announced that its shareholders have approved the distribution of 8.72 per cent cash dividends totalling $85 million.

The approval came at the conclusion of the company's annual general meeting (AGM) and extraordinary general meeting (EGM) for the financial year ended December 31, 2017. Dividend distribution will commence within 10 days from the AGM date, said a statement.

Shareholders also approved the group's 2017 financial results, which saw GFH report a strong net profit of $104.2 million for the year, reflecting significant year-on-year growth in all areas of the business when excluding one-off income recorded in 2016.

The meeting further saw the approval of the board of director's report, the new policies of GFH and the election of a new member of the board of directors, Mustafa Kheriba, who fills an existing vacancy and will join the board for the current 2017 - 2019 term.

The Shari'a Supervisory Board and Corporate Governance reports were also approved as was the reappointment of the group's external auditors for the year 2018 and the Shari'a Supervisory Board for the coming five-year period (2018-2022).

Jassim Al Seddiqi, chairman of the board of GFH, said: "We are pleased with the strong performance and dividends that GFH has delivered for 2017. The continued value that we are creating for shareholders underscores the strength of the group's strategy of diversification and its success in developing strong, new revenue stream across business lines. We have entered 2018 in an excellent position to grow and to further unlock value from our diverse portfolio of financial and infrastructure assets."

Hisham Alrayes, GFH chief executive officer, added: "Our strategy and efforts in 2017 have resulted in continued growth and ensured our ability to deliver strong returns to our shareholders again this year. With the momentum and progress of the past year, we move ahead in 2018 ready to embark upon a new era of expansion which will see GFH increase our transaction capacity, both in terms of deal numbers and size, pursue further profitable exists and maximise the value of our existing portfolios. We thank our shareholder and regulators for their continued support and confidence in GFH and look forward to delivering even stronger performance and returns in the year ahead."

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