Despite challenging economic and financial market conditions, FH Group has posted a Consolidated Net Profit of AED 22.45 million for the financial year ended 31 December 2019, which is 25.8% higher than the Net Profit of AED 17.84 million registered in the previous financial year ended 31 December 2018.
We look forward to a better future, and we believe in our abilities to navigate through the current global challenging situation and restore our profitable performance. We continue to recalibrate our strategies and strategy execution capabilities on a regular basis in response to dynamic changes in market conditions.
Mohammed Abdulla Jumaa Alqubaisi
BOARD OF DIRECTORS
Abdulla Jumaa Alqubaisi Chairman
Obaid Humaid Al Mazrooei Vice Chairman
Abdulla Alqubaisi Member
Helal Bin Drei Al Qubaisi Member
Ismail Ali Abdulrahim Alfahim Member
Abdulla Al Mazroui Member
Ali Ibrahim Al Saadi Member
NET PROFITS (AED Millions)
TOTAL OPERATING INCOME (AED Millions)
LOANS & ADVANCES (AED Millions)
CUSTOMER DEPOSITS (AED Millions)
SHAREHOLDERS' EQUITY (AED Millions)
Key Achievements in 2019
I summarize below the key achievements for the year 2019, which made it an outstanding accomplishment for the group:
- Our investment grade Corporate Credit Ratings of Finance House were reaffirmed by Capital Intelligence, at “A3” Short Term and “BBB-” Long Term, both with a stable outlook.
- Finance House Securities(FHS) received the 5 Star Award as part of the “Brokers Excellence Rating” program, after the announcement of the results for the first round of evaluations by the Dubai Financial Market (DFM).
- Finance House was the first to be on-boarded by Emirates Integrated Telecommunications Company “du” during the launch of UAE’s 1st Blockchain-Powered ‘Bank Trust Network’ BPaaS solution
- Finance House (PJSC) obtained the Payment Card Industry Data Security Standards (PCI-DSS) certification from SISA Information Security, making it the first non-banking financial institution to be certified in the UAE.
- Insurance House P.S.C. (IH), in its maiden credit rating, has been assigned a Long-Term Issuer Credit Rating of “BBB-” and a Financial Strength Rating of “B+” (Good) both with a stable outlook by AM Best.
I summarize below the key financial outcomes of our actions for the year ended 31 December 2019:
- FH Group has posted a Consolidated Net Profit of AED 22.45 million for the financial year ended 31 December 2019, which is 25.8% higher than the Net Profit of AED 17.84 million registered in the previous financial year ended 31 December 2018.
- Our insurance subsidiary- Insurance House PSC (IH) turned-in yet another stellar performance, with Net Profit soaring by 51.9% to reach AED 16.17 million in 2019 compared to AED 10.64 million in the previous year.
- Aggregated income from group-wide investing activities & other operating income (of a recurring nature) was substantially higher at AED 35.31 million in 2019 compared to AED 21.22 million in the previous year, primarily due to pro-active management of our proprietary investment book despite volatile market conditions.
- Net Interest Income and Income from Islamic Financing & Investing Assets were lower at AED 174.34 million in 2019 compared to AED 194.95 million in the previous year.