FINANCIAL NEWS

Bahraini GFH logs USD17m net profit in 2014

23 Feb 2015

(MENAFN) Bahrain-based Gulf Finance House logged a net profit of USD17 million in 2014 against a net loss of USD18 million in 2013, Arabian Business reported.

In 2014, total income amounted to USD160 million compared to USD13.5 million a year before. Before provisions, operating profit hit USD27.6 million against a loss of USD14.6 million in 2013.

The group’s successful placement of investments resulted in a profitable fourth quarter in which net profits stood at USD1.4 million compared with a loss of USD18.7 million year-on-year.

‘We embarked upon a new strategy to create a more stable financial position by increasing our capital and enhancing the balance sheet,’ According to the chairman of GFH.

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