Gulf Finance House (GFH), Bahrain-based Islamic investment bank, has announced its financial results for the first quarter ended March 31, 2013 recording another period of sound results and profitability.
GFH reported a net profit of $ 1.5 million for the quarter compared with $ 1 million during the same quarter in previous year, an increase of 50 percent.
Total income for the period was at $ 11.1 million compared to $ 12.9 million during the first quarter of 2012.
Income was primarily from management fees from funds under management and also, profit of $ 4.9 millionfrom repurchase of debts at discount.
The bank’s strategy of streamlined operations continued to bear results with a 30 percent reduction in the operating costs for the current quarter at $ 8.3 million compared to $ 11.9 million in Q1 2012.
Hisham Al-Rayes, acting CEO of GFH, said: “Enhanced results for the quarter were derived from ongoing efforts to strengthen the underlying performance of the bank and our asset base, which remains significant and holds considerable value.”
He said: “During the quarter, the bank and its subsidiaries focused on maximizing the value of existing investments. Importantly, GFH Capital undertook due diligence on a number of potential strategic investors for Leeds United FC and the Bank worked on exit arrangements for Mega City Navi Mumbai.”
He said: “Today, GFH is a bank firmly focused on maximizing the potential of our current portfolio of investments and working on early exits from our projects.”
Al-Rayes added: “We have also been focusing on the further profitable growth for the Bank and our investors leveraging our expertise and ability to structure unique products in growth sectors. We are pleased with the results of our efforts over the past quarter and look forward to announcing further progress in the coming period.”
Gulf Finance House net profit rises 50 percent
Gulf Finance House net profit rises 50 percent
25,000 attend Social Development Bank’s DeveGO25 forum
The Social Development Bank concluded the second edition of the Entrepreneurship and Modern Business Practices Forum — DeveGo 2025 — announcing the achievement of high-impact outcomes that further reinforced the forum’s position as the largest national platform in the region dedicated to entrepreneurship, innovation, and freelance work in Saudi Arabia and beyond.
The forum witnessed broad participation from local and international experts, investors, entrepreneurs, and representatives of local, regional, and international institutions.
Over three days at the King Abdulaziz International Conference Center, the forum drew 25,000 participants and visitors, who benefited from over 45 specialized workshops and over 2500 advisory sessions delivered by more than 70 consultants and experts.
The sessions covered key areas including entrepreneurial planning, business models, venture capital, digital platforms, freelancing, and emerging technologies.
The forum also featured 20 panel discussions with leading local and international speakers, addressing major global trends in entrepreneurship, including the future of artificial intelligence, the creative economy, digital transformation, and venture investment.
The forum saw the launch of the Saudi Empretec Fellowship, in the presence of Rebeca Grynspan, secretary-general of the UN Conference on Trade and Development.
The partners in success within the Social Responsibility Portfolio supporting entrepreneurs were honored.
It also saw the honoring of 13 winners of the Handicrafts Competition, representing various regions of the Kingdom, the announcement of winners of the Salam Award for Promising Projects, and the recognition of leading entrepreneurial projects fund under the Enterprises Track.
In addition, the NEXT UP Challenge concluded on the third day of the forum with 20 startups presenting their projects to more than 500 investors, enhancing opportunities for networking and partnership building.
As part of efforts to strengthen the support ecosystem, the forum witnessed the signing of 51 agreements, along with the launch of a suite of new financing products. These included the Capital Expansion Product with a ceiling of up to SR10 million, the Payroll Product with a ceiling of SR2 million, and the Rental Product with a ceiling of SR1.5 million, aimed at supporting enterprises in asset development and covering operational costs.
This reflects the bank’s direction toward offering more specialized financing tools that respond effectively to market needs.
The forum concluded by reaffirming its role as a unifying national platform for entrepreneurship, where accompanying activities and events provided direct engagement opportunities between entrepreneurs, investors, and experts.
The forum also highlighted success stories and practical experiences that reflect the scale of entrepreneurial momentum in the Kingdom and the growing role of the Social Development Bank in supporting a national economy driven by innovation and knowledge.
