GFH approves $60m dividends for 2021, in cash, bonus shares
MANAMA, April 3, 2022
Bahrain-based GFH Financial Group will be distributing dividends worth $60 million for FY 2021 which includes cash profits for all ordinary shares, save for treasury shares at 4.57% of the nominal value of the share (equal to $0.0231 per share, BD0.004562, AED0.0444), equal to $45 million.
The recommendation also includes bonus shares of 1.5% of the nominal value of all the ordinary shares (one share per 66.71 shares), equal to $15 million.
A leading regional financial group with keen interests in strategic sectors such as asset management and real estate, GFH said the approval for the distribution of dividends came from the shareholders at its Annual General Meeting held today (April 3).
GFH early this year had announced the spinning out of its infrastructure and real estate assets under the newly established company, Infracorp, capitalised with more than $1 billion in infrastructure and developed assets into the company.
The new firm will be managing a portfolio of near $3 billion of infrastructure assets including land bank in the Gulf, North Africa and South Asia approximately 250 million sq ft earmarked for sustainable economic and social infrastructure.
Lauding the dividends move, CEO Hisham Alrayes said: "Once again, we are pleased to see shareholders approve the distribution of a solid dividend despite continued geopolitical and economic volatility."
"GFH’s performance in 2021 has produced remarkable results, which is testament to our proven operating model. The group secured net profits attributable to shareholders of over $84.2 million in 2021, an increase of almost 87% on 2020," he stated.
"Also we have recently had our long-term issuer credit rating revised to positive by S&P Global Ratings," he added.
“Our continued diversification will help us to remain resilient throughout 2022 and beyond. I would like to thank our shareholders for their support and reaffirm our commitment to delivering solid returns and value for our shareholders despite market challenges.”
Attendees also discussed and approved the Board of Directors’ report on the Group’s business activities in 2021 and the reappointment of the Group’s external auditors for 2022.
During the meeting, shareholders approved the cross-listing of GFH’s shares in both the Saudi Stock Exchange and the Abu Dhabi Securities Exchange, subject to obtaining the necessary approvals, and delegated the board the required powers to implement and complete the listings.
Alrayes said: "We have a strong pipeline of opportunities for 2022 and look forward to building our diverse portfolio across key markets, including the GCC, US and Europe, alongside our partners, stakeholders and shareholders."
"We remain agile and prepared to capitalise on new opportunities as and when they arise to the benefit of our shareholders and the communities in which we operate," he added.
According to GFH, the meeting also saw shareholders approve the appointment of Darwish Al Ketbi as a complementary independent director for the remaining term of the current board, subject to obtaining regulatory approvals.-TradeArabia News Service
