GFH Financial Group B.S.C.

GFH Financial Group B.S.C. (GFH) and Ithmaar Holding B.S.C. (Ithmaar) announced on 19th September 2024 that they are still in the negotiation process for GFH to acquire Ithmaar’s financing and investment portfolios, subject to regulatory approvals. Shareholders will be informed of any further developments on a regular basis. The expected financial impact will be disclosed in due course. Previous relevant disclosures were made on 6th March, 7th April, 6th May, and 6th June 2024. The announcement was made by Mariam Jowhary, Head of Compliance & AML at GFH.

GFH Financial Group B.S.C. announced that Capital Intelligence Ratings has reaffirmed their Long-Term and Short-Term Foreign Currency Ratings at "BB-" and "B" respectively, with a stable long-term outlook. The ratings are supported by GFH's adequate liquidity, low refinancing risk, good debt service record, geographic diversification of assets, improved capitalization, and satisfactory profitability. The company stated that there is no expected financial impact from this credit rating classification on its business or financial position.

GFH Financial Group has scheduled an Ordinary General Meeting for October 2, 2024, via video conferencing. If the required legal quorum is not met, subsequent meetings are planned for October 9 and October 16, 2024. The agenda includes: 1. Approval of the minutes from the previous meeting held on March 24, 2024. 2. Approval of the Board's recommendation to establish a Sukuk Programme worth up to $500 million through a Special Purpose Vehicle (SPV), subject to necessary regulatory approvals. 3. Approval of modifications and an offer to early redeem outstanding certificates from the 2020 Sukuk issuance. 4. Delegation of powers to the Board of Directors to carry out the Sukuk Programme and Offer, including obtaining necessary regulatory approvals and concluding agreements. 5. Delegation of powers to the Chief Executive Officer to conduct necessary procedures for the Sukuk Programme and Offer. 6. Discussion of any other matters as per Article 207 of the Commercial Companies Law. The meeting details and contact information are provided for further inquiries.

GFH Financial Group B.S.C. disclosed its market-making activities for August 2024, in compliance with the Central Bank of Bahrain's requirements for monthly reporting by listed companies. The details include transactions by the market maker SICO in Bahrain Bourse and the liquidity provider BHM Capital in Dubai Financial Market and Abu Dhabi Securities Exchange. As of August 31, 2024, SICO purchased 3,198,598 securities and sold 1,274,448 securities. The total money paid was USD 1,007,885, while the total money received was USD 411,461. The securities balance stood at 2,925,000, and the cash balance was USD 4,920,869.

GFH Financial Group B.S.C. announced the successful completion of their live webcast session for the second quarter of 2024 financial results. The webcast took place on August 14, 2024, at 1:00 p.m. Bahrain time. The presentation and script from the session are attached. The announcement was made by Mariam Jowhary, Head of Compliance & AML.

GFH Financial Group B.S.C. announced that its Board of Directors met on Monday, August 12, 2024, at 2:00 PM Bahrain time. During the meeting, they discussed and approved the financial results for the second quarter of 2024, which ended on June 30, 2024, along with other internal matters. The financial results for the second quarter of 2024 are attached. The announcement was made by Mariam Jowhary, Head of Compliance & AML.

The text provides details about GFH Financial Group BSC, an Islamic wholesale bank registered with the Central Bank of Bahrain. The registered office is located on the 2nd Floor, Harbor House, Building Number 1436, Block 346, Road 4626, Manama, Kingdom of Bahrain. The contact telephone number is +973 17538538. The directors include Abdulmohsen Rashed Alrashed (Chairman from March 2024), Ghazi Faisal Ebrahim Alhajeri (Vice Chairman), Hisham Ahmed Alrayes, Ali Murad, Darwish Al Ketbi, Fawaz Talal Al Tamimi, Rashid Nasser Al Kaabi, Yusuf Abdulla Taqi (until March 2024), Edris Mohd Rafi Mohd Saeed Al-Rafi (until March 2024), Abdulaziz Abdulhamid Albassam (from March 2024), Abdulla Jehad Alzain (from March 2024), and H.H Shaikha Minwa Bint Ali Bin Khalifa Al Khalifa (from March 2024). The Chief Executive Officer is Hisham Ahmed Alrayes and the auditors are KPMG Fakhro. The document pertains to the condensed consolidated interim financial information as of 30 June 2024.

GFH Financial Group B.S.C. announced that its Board of Directors met on Monday, August 12, 2024, at 2:00 pm Bahrain time. During the meeting, the Board discussed and approved the financial results for the second quarter of 2024, ending on June 30, 2024, along with other internal matters. The financial results for the second quarter of 2024 are attached. The announcement was made by Mariam Jowhary, Head of Compliance & AML.

The text provides details about a financial institution registered as an Islamic wholesale bank with the Central Bank of Bahrain. The registered office is located on the 2nd Floor of Harbor House in Manama, Kingdom of Bahrain. The board of directors includes Abdulmohsen Rashed Alrashed (Chairman from March 2024), Ghazi Faisal Ebrahim Alhajeri (Vice Chairman), Hisham Ahmed Alrayes (also CEO), and several other members with some terms ending and others beginning in March 2024. The auditors are KPMG Fakhro. The information pertains to GFH Financial Group BSC and includes condensed consolidated interim financial information as of 30 June 2024.

GFH reported an 11.2% increase in net profit attributable to shareholders for the first half of 2024, totaling US$60.75 million. The total income for the first half of 2024 was US$332.23 million, reflecting a 53.7% year-on-year increase. Earnings per share (EPS) rose by 9.7% year-on-year to US cents 1.70. For the second quarter of 2024, total income was US$169.26 million, with a 52.3% year-on-year increase, and net profit attributable to shareholders was US$33.61 million, a 9.8% year-on-year rise. Significant highlights include the Group's early exit from its joint investment in Citrix with Carlyle, the addition of Al Qasimi as a major shareholder, and the appointment of BHM as a market maker for the Group’s shares in UAE markets. Income growth of 154.6% year-on-year was mainly driven by the sale of real estate assets, including the Group’s investment in Charthouse Bahrain. Fitch Ratings affirmed the Group’s Long- and Short-Term Issuer Default Ratings (IDR) at 'B', with a Stable outlook on the Long-Term IDR.