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The turnover has increased by 21.9% in the first half of 2019
Attract $ 250 million in funds from investment banking activities
GFH Financial Group announced its financial results for the first six months of 2019, ending June 30, 2019. During this period, the group achieved a 21.9% increase in its revenue to 163 , $ 5 million, compared to $ 134.1 million. Revenues for the second quarter of 2019 increased by 34.4% to $ 92.9 million compared to $ 69.1 million in the second quarter of 2018. Excluding unrecovered revenue from recoveries, cancellation of costs and restructuring proceeds in the first quarter of 2019 2018 half year, the company's total operating income increased Group in the first half of 2019 increased by 114.3% over the same period in 2018.
Net income attributable to shareholders in the first half of 2019 was $ 49.1 million compared to $ 72.5 million for the same period of 2018, a decrease of 32.3%. Excluding non-recurring bond cancellation and restructuring revenue in the first half of 2018, net income attributable to shareholders increased by 234% in the first half of 2019 compared to the first half of 2018. The Group also realized a consolidated net profit of $ 48.4 million. In the first half of 2018, US $ 73.4 million, a decrease of 34.1%. The decrease in net income in the first half of 2019 is explained by the lower contribution from the Group's commercial banking activities attributable to higher financial provisions in the second quarter of 2019. Net income attributable to shareholders in the second half quarter 2019 amounted to 27.8 million USD. Against $ 36.0 million in the second quarter of 2018, down 22.8%. Consolidated net income for the second quarter of 2019 was $ 27.7 million, compared to $ 36.5 million in the second quarter of 2018, a decrease of 24.1%. Earnings from continuing operations in the first half of 2019 were $ 48.9 million compared to $ 70.5 million in the same period of 2018, a decrease of 30.6%, while the result continuing operations in the second quarter of 2019 to $ 27.7 million, compared to $ 34.7 million in the second quarter of 2018, a decrease of 20.2%.
The strong performance of real estate and investment activities contributed to strong revenue growth in the first half of 2019, as well as direct investment and cash income. In the first half of 2019, investing activities contributed 26.6% of the Group's operating income, mainly from fundraising activities. The Group's treasury business strategy improved significantly, with cash contributing 15.8% of total operating income, while strong investment performance contributed 24.5% of total income. The real estate business continued to account for 9.1% of total operating revenues in the first half of 2019, while commercial bank contributions were low due to provisions.
Total expenses, including accruals in the first half of 2019, amounted to $ 114.7 million compared to $ 63.7 million for the same period in 2018, an increase of an increase in provisions for depreciation. 99% commercial bank and increase of the group's treasury portfolio. Total expenses, including accruals in the second quarter of 2019, amounted to $ 65.2 million compared to $ 34.4 million for the same period in 2018, an increase of $ 89.2 million. 5%. Financing costs declined gradually over the period, reaching $ 3.0 million in the first half of 2019, compared with $ 3.8 million in the first half of 2018. The increase in financial markets stems from the growth The Group's cash and revenue generation portfolio The related costs of these activities increased from $ 11.7 million in the first half of 2018 to $ 50.7 million in the first half of 2019.
The group recorded operating expenses for the same period of 48.8 million USD, compared with 42.5 million USD in the first half of 2018, an increase of 14.8%. In the second quarter of 2019, the Group's operating expenses reached $ 26.9 million compared to $ 21.8 million for the same period of 2018, an increase of 23.4%.
Total badets rose from $ 5.9 billion at March 31, 2019 to $ 6.1 billion, an increase of 3.9%. The Group's liabilities increased to $ 3.8 billion as at June 30, 2019, compared to $ 3.6 billion as at March 31, 2019, an increase of 5.9%. This increase is mainly due to the rise in capital markets and the growth of the treasury portfolio.
Total equity attributable to shareholders at June 30, 2019 was $ 1 billion, down 1.1% from $ 1.1 billion at the end of the first quarter. Earnings per share for the first half of 2019 was 1.45 US cents versus 2.02 cents US for the same period in 2018. Earnings per share in the second quarter of 2019 were 0.84 cents 1.0 cents during the same period last year.
Jbadim Al Siddiqui, Chairman of the Board of Directors of JFH Financial Group, commented on the results: "Strong and consistent growth across the group continues to generate solid results and continuous improvement in the generation of income. This is evident by the significant 21.9% increase in revenue during the first half of 2019 and reflects the continued success of GFH and the positive impact of the Group's diversification and business diversification efforts. existing and new badets. The Group's recent expansion into treasury activities is an excellent example of this diversification of our activities. It has done very well and we will continue to develop and build on it as we continue our advanced banking business. "
Hisham Al Rayes, Chairman and CEO of GFH Financial Group, added: "During this period, the group raised a total capital of US $ 250 million for investment banking products, which underlines growing confidence in the group. We have launched educational and US portfolios, as well as investments in the health sector as a new area of investment. Positive growth, profitable investment contributions and outflows in the first half of this year, and in the second quarter in particular, are in line with internal strategies and we hope to build on our positive results for the next 2019 periods. & # 39; & # 39;
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