GFH Financial Group Declares 2024 Profit Allocation
GFH Financial Group announces its 2024 financial results and profit allocation strategy at its recent General Meeting.
Summary
GFH Financial Group's recent General Meeting approved the 2024 financial results and outlined profit allocation, including dividends and reserves.
GFH Financial Group B.S.C., a leading Islamic financial institution based in Bahrain, recently held its Ordinary and Extraordinary General Meeting on March 20, 2025. The meeting, chaired by Mr. Abdulmohsen Al Rashed, was conducted at the GFH House located at Bahrain Financial Harbour. With a quorum of 46.42%, the meeting successfully approved several key items on the agenda, reflecting the company's robust financial performance in 2024.
The meeting commenced with the approval of the minutes from the previous Annual General Meeting held on October 9, 2024. The Board of Directors presented their report on the Group's business activities for the year ended December 31, 2024, which was subsequently approved by the shareholders. Additionally, the Sharia Supervisory Board's report and the external auditor's report for the same period were also endorsed.
The consolidated financial statements for the year ending December 31, 2024, were approved, showcasing GFH's solid financial health. A key highlight was the Board's recommendation on the allocation of net profits for 2024. The Group decided to transfer $11,850,400 to the statutory reserve, demonstrating a commitment to maintaining financial stability and compliance with regulatory requirements.
Furthermore, GFH allocated $1,500,000 to the Zakat Fund, aligning with its Islamic banking principles and social responsibility. The Group also announced a cash dividend distribution of 6.2% of the nominal value of all ordinary shares, excluding treasury shares, amounting to $61 million. This equates to $0.0164 per share, providing a tangible return to shareholders.
GFH's strategic decision to retain approximately $44,153,600 as retained earnings for the next year indicates a forward-looking approach, ensuring a buffer for future investments and potential market fluctuations. This balanced allocation strategy underscores GFH's commitment to delivering value to its shareholders while maintaining a strong financial foundation.
Given the company's stable financial performance and prudent profit allocation strategy, investors might consider holding their positions in GFH Financial Group. The company's consistent dividend payouts and strategic reserves highlight its capability to navigate market uncertainties and capitalize on growth opportunities in the GCC and beyond.
Source
Summary
The GFH Financial Group B.S.C. held its Ordinary and Extraordinary General Meeting on March 20, 2025, at GFH House, Bahrain Financial Harbour. The meeting was chaired by Mr. Abdulmohsen Al Rashed and had a quorum of 46.42%. During the meeting, several agenda items were approved, including the minutes from the previous meeting on October 9, 2024, the Board of Directors' report, the Sharia Supervisory Board's report, the external auditor's report, and the consolidated financial statements for the year ending December 31, 2024. Additionally, the Board's recommendation for the allocation of the 2024 net profit was approved, which involves transferring $11,850,400 to the statutory reserve, allocating $1,500,000 to the Zakat Fund, distributing cash dividends of 6.2% of the nominal value of ordinary shares (excluding treasury shares) up to $61 million, and transferring approximately $44,153,600 as retained earnings for the next year.
