Q2 2024 GFH Financial Group BSC Earnings Call Transcript
Key Points
- Net profit attributable to shareholders increased by 11.4% to USD60.8 million compared to the first half of 2023.
- Consolidated net profit for the first half of 2024 rose by 18.7% to USD67.9 million.
- Total income for the six-month period grew by 53.7% to USD332.2 million.
- Earnings per share increased by 9.7% to USD0.017 per share.
- The group's capital adequacy ratio stands at a robust 18%, with a liquidity coverage ratio of 240%.
- Total expenses, including impairment allowances, increased by 40.5% to USD163.8 million.
- The group's total assets dropped by 2% from the 2023 year-end.
- Total equity attributable to shareholders decreased from USD990 million at December 31, 2023, to USD969 million at the end of the second quarter of 2024.
- Higher finance expenses due to the unfavorable Fed rate cycle impacted overall expenses.
- There are no current plans for capital increase despite ongoing listing plans for the Saudi stock exchange.
Very good afternoon. My name is Surya Hariharan and a warm welcome to GFH Financial Group's first-half result presentation. I will be presenting the highlights of the group's financial performance for the second quarter of 2024, along with performance for first half of 2024.
Despite market volatility and geopolitical challenges, our results for the first half of 2024 reflect the group's ability to effectively execute our strategy, drive value from our assets, and further build our market leadership in the region and globally for the benefit of our investors and shareholders.
The group achieved net profit attributable to shareholders of USD60.8 million, up by 11.4% compared to first half of 2023. Consolidated net profit for the first half was USD67.9 million, an increase of 18.7%. All the core business lines of the group continued the contributions to the revenue, delivered double-digit growth in income for the six-months period by 53.7% to USD332.2 million. In line with the growth, rise in total expenses
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