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Dubai: A 205 per cent jump in fourth quarter net profits boosted Bahrain-based Gulf Finance House's annual profits by 61 per cent growth to $340 million last year compared to 2006.
The company's fourth quarter net profits rose 205 per cent to $109 million over 2006, and 28 per cent over the third quarter.
Earnings per share for the fourth quarter of 2007 was 15 cents compared to five cents for in December 2006. Earnings per share in 2007 was 48 cents compared to 30 cents in 2006.
Return on equity in 2007 stood at 44 per cent and return on assets stood at 18 per cent. GFH's board of directors has proposed a record total dividend of 95 per cent, payable as 85 per cent cash and 10 per cent in bonus shares, subject to regulatory approval.
Watershed year
Chairman Esam Janahi said: "2007 has been a watershed year for the Bank. In addition to the Bank posting its strongest financial results, reinforcing its leading position within its core GCC market, it has achieved the status of a truly international blue chip Islamic investment bank. This is a direct result of our clear strategy focusing on innovative economic infrastructure projects in highly attractive emerging markets, especially in the Middle East, North Africa and Asia.
"Additionally, the continued success of our business model has been endorsed by the global investment community as demonstrated by the resounding success of the listings of our GDRs and of our sukuk programme on the London Stock Exchange. Today, over 28 per cent of the Bank's shares are held by major international institutional investors."
In the fourth quarter, GFH announced some of its most prestigious projects including the GFH Mumbai Economic Development Zone with an estimated development value of $10 billion and the planned Tunis Financial Harbour at Tunis Bay with an estimated development value of approximately $3 billion.
The 1,600-acre zone in Mumbai will include Energy City India, Telecom City IT City and Entertainment City.
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