GFH Financial Group B.S.C.

GFH Financial Group BSC, an Islamic wholesale bank established in 1999, operates in accordance with Islamic Sharia principles. In 2004, it became a public shareholding company and is now listed on four major stock exchanges. The Group manages over $21 billion in assets and has been recognized as one of the Middle East's Top 30 Biggest Asset Managers by Forbes in 2021 and 2022. In 2022, GFH created Infracorp, which issued a $900 million green sukuk on the London Stock Exchange. In 2023, GFH partnered with the FII and the World Economic Forum and expanded its portfolio to include logistics and healthcare assets in the GCC. The Group's corporate governance framework adheres to guidelines issued by the Ministry of Industry and Commerce and the Central Bank of Bahrain. The Board of Directors is accountable for the bank's financial performance and value to shareholders.

GFH Financial Group B.S.C. has invited shareholders to its Annual General Meeting on 17th March, 2024. The agenda includes approving the minutes of the previous meeting, discussing and approving the Board of Directors' report, the Sharia Supervisory Board's report, and the external auditor’s report for 2023. They will also discuss and approve the consolidated financial statements for 2023, and the allocation of the net profit of 2023. The Board recommends transferring $10,522,700 to the statutory reserve, allocating $2,000,000 to charity activities, distributing cash dividends, and retaining the remaining amount for the following year. The agenda also includes approving $1.9 million as remuneration for the Board members, discussing and approving the corporate governance report, disclosing and approving transactions with related parties, releasing the Board members from liability, appointing/reappointing external auditors, approving a share buyback, electing the Board of Directors for the next three years, and discussing any recent issues. If the required legal quorum is not met, additional meetings will be held on 24th and 31st March, 2024.

The text provides information about GFH Financial Group BSC, an Islamic wholesale bank registered with the Central Bank of Bahrain (commercial registration number: 44136). The bank's registered office is located in the Bahrain Financial Harbour, specifically on the 29th floor of Building 1398, East Tower, Block: 346, Road: 4626 in Manama, Kingdom of Bahrain. The directors of the bank include Ghazi Faisal Ebrahim Alhajeri (Chairman), Edris Mohammed Rafi Alrafi (Vice Chairman), Hisham Ahmed Alrayes, Rashid Nasser Al Kaabi, Ali Murad, Fawaz Talal Al Tamimi, Darwish Al Ketbi, and Yusuf Abdulla Taqi. The CEO is Hisham Ahmed Alrayes and KPMG Fakhro serves as the auditor. The text also mentions the bank's consolidated financial statements as of 31 December 2023.

On 22/02/2024, GFH Financial Group B.S.C. announced that it has made certain corrections to the financial statements and Chairman's report for the year ended 31st December 2023, which were previously approved at the Board of Directors meeting on 14th February 2024. The corrected version of the report has been attached. The announcement was made by Mariam Jowhary, Head of Compliance & AML at GFH Financial Group.

On February 15, 2024, GFH Financial Group B.S.C. announced the appointment of SNB Capital as its financial advisor. This comes following shareholder approval on April 3, 2022, for the cross-listing of the company's shares on the Saudi Stocks Exchange (Tadawul). The cross-listing is subject to Tadawul's approval and meeting all requirements set in the listing rules. Shareholders will be informed of any further developments. The announcement was made by Mariam Jowhary, Head of Compliance & AML at GFH Financial Group.

On 14th February 2024, GFH Financial Group B.S.C. announced the successful completion of a live webcast session discussing the financial results of the financial year ended 31st December 2023. The webcast was initially announced on 5th February 2024, and it was broadcasted online on 14th February 2024 at 1:00 p.m. Kingdom of Bahrain time. The company attached the presentation discussed during the session and the script of the live webcast for further reference. The announcement was signed by Mariam Jowhary, the Head of Compliance & AML at GFH Financial Group B.S.C.

On 14th February 2024, GFH Financial Group B.S.C. announced the successful completion of a live webcast session discussing the company's financial results for the year ended 31st December 2023. The webcast session was broadcasted online at 1:00 p.m. Kingdom of Bahrain time. The company also provided a presentation and script of the live webcast. This follows GFH's market notification dated 5th February 2024 inviting shareholders and investors to attend the webcast. The announcement was made by Mariam Jowhary, Head of Compliance & AML at GFH Financial Group.

The text provides the commercial registration details of the GFH Financial Group BSC, registered with the Central Bank of Bahrain as an Islamic wholesale bank. The company's registered office is located in the Bahrain Financial Harbour, specifically in the East Tower's 29th floor. The board of directors includes Ghazi Faisal Ebrahim Alhajeri, Edris Mohammed Rafi Alrafi, Hisham Ahmed Alrayes, Rashid Nasser Al Kaabi, Ali Murad, Fawaz Talal Al Tamimi, Darwish Al Ketbi, and Yusuf Abdulla Taqi. The CEO is Hisham Ahmed Alrayes, and the auditing is handled by KPMG Fakhro. The text also mentions the company's consolidated financial statements dated 31 December 2023.

GFH Financial Group reported a 13.97% increase in net profit for shareholders in 2023, amounting to US$102.86 million. The total income for the year was US$369.53 million, a 24.10% increase year-on-year (YoY). However, the Q4 2023 figures showed a slight decrease of 1.36% YoY. The group experienced strong growth in income and profitability due to contributions from subsidiaries, associates, and investments. A total cash dividend of 6.2% is recommended for 2023, pending approval. The group also had successful investment banking activities, including closing their third US Medical Clinics portfolio. Several investment exits, including the sale of the first diversified US Student Portfolio, delivered a 10.4% ROI. The group's credit ratings were reaffirmed by Fitch and Capital Intelligence, reflecting a resilient business model and strong financial performance.

On February 13, 2024, the GFH Financial Group held a Board of Directors meeting where they approved the annual audited financial statements for the fiscal year ending on December 31, 2023. They proposed to the general assembly to distribute dividends at 6.2% of the share par value, excluding treasury shares, equivalent to USD 0.0164 (BHD 0.006 / AED 0.60230). Other internal matters were also discussed. The announcement of the dividend distribution was enclosed.