Mubasher: The decline in GFH Financial Group’s income statements for fiscal year 2017 is attributed to lower revenues of $204.4 million compared to $570 million in the previous fiscal year, the CEO of GFH, Hisham Al Rayes, said in a recent statement.
Revenues in FY17 were added to an exceptional revenue from a legal dispute worth $464.6 million in the fourth quarter of 2016, Al Rayes added.
The Islamic wholesale investment bank plans to acquire a company in the financial segment, in addition to investment funds in the UAE during 2018, the CEO added.
He noted that the group is currently working on exiting investments in North Africa.
GFH plans to invest in the education and real estate sectors in the US as well as the private stock sector in the GCC.
In FY17, GFH reported a decline in profits to $104.2 million compared to $217.1 million in the previous fiscal year.