CHAIRMAN’s
STATEMENT
Despite challenging economic and financial market conditions, FH Group has posted a Consolidated Net Profit of AED 20.90 million for the financial year ended 31 December 2020 compared to AED 22.45 million registered in the previous financial year ended 31 December 2019.
We continuously strive for a better tomorrow, and we believe that our capabilities will allow us to surpass the current global challenging situation and restore our profitable performance. We continue to optimize our strategies and strategy execution capabilities on a regular basis based on the dynamic market changes.
Mohammed Abdulla Jumaa Alqubaisi
Chairman
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To serve and service all our stakeholders
by offering exceptional financial
experience, delivered through a dedicated
team of professionals.
OUR
PURPOSE
BOARD OF DIRECTORS
-
Mr. Mohammed
Abdulla Jumaa Alqubaisi Chairman -
Mr. Khaled
Abdulla Alqubaisi Vice Chairman -
Mr. Ahmad
Obaid Humaid Al Mazrooei Member -
Mr. Murtadha Mohamed Alhashmi Member
-
Mr. Abdulmajeed
Ismail Ali Abdulrahim Alfahim Member -
Mr. Abdallah
Ali Ibrahim Al Saadi Member -
Mrs. Alia
Abdulla Al Mazroui Member -
Mr. Hamid Taylor Advisor to Chairman
-
Mr. T. K. Raman Chief Executive Officer
Key Achievements in 2020
I summarize below the key achievements for the year 2020, 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 announced the launch of its new Digital Remittance Service. This service allows customers to send money easier and faster to anywhere in the world, without wasting their time waiting at exchange houses.
- Finance House introduced a new online payment gateway called “EasyPay”. It allows customers to make their payments from their personal banks to their Finance House Credit Card, Easy Finance, and Payday Finance.
- Finance House presented a new product named “Sulfah”. Sulfah offers financing tailored to UAE Nationals in the private and banking sectors only, with no need to transfer their salaries, and with a maturity period of 4 years.
- Finance House announced the launch of “Al Rabeh Business” to support local businesses / SMEs, by offering a suite of products to simplify financial services and provide enhanced earnings, ease of use, and lightning speed turnaround times. These products include Al Rabeh Guarantee, Al Rabeh Deposit, and Al Rabeh WPS.
- 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 Securities (FHS) received a 100% Performance Excellence Rating by Dubai Service Excellence Scheme (DSES) for an overall astounding performance in Q4 2020.
- Insurance House P.S.C. (IH) has been reaffirmed Long-Term Issuer Credit Rating of “BBB-” and a Financial Strength Rating of “B+” (Good), both with a stable outlook by AM Best, the international credit rating agency.
- Insurance House (IH) partnered with Injazat Data Systems LLC to participate in Hassantuk, the centralized smart fire alarm system aiming to provide the highest levels of safety throughout the UAE. Insurance House offered an exclusive discount on property insurance for all clients who registered through “Hassantuk” online portal.
- Insurance House announced that it will offer all “Fazaa” members discounts on Motor Insurance Policies. “Fazaa” members can now benefit from the best services offered by Insurance House, coupled with the most competitive prices in the market.
RESULTS
& STATISTICS
I summarize below the key financial outcomes of our actions for the year ended 31 December 2020:
• FH Group has posted a Consolidated Net Profit of AED 20.90 million for the financial year ended 31 December 2020, compared to AED 22.45 million registered in the previous financial year ended 31 December 2019.
• Our insurance subsidiary- Insurance House PSC chipped in with a resilient performance, despite the headwinds, with Net Insurance Income of AED 42.53 million in 2020 compared to AED 45.59 million in the previous year.
• Aggregated income from group-wide investing activities & other operating income (of a recurring nature) was substantially higher at AED 53.84 million in 2020 compared to AED 35.31 million in the previous year, primarily due to pro-active management of our proprietary investment book, in spite of volatile market conditions.
• Net Interest Income and Income from Islamic Financing & Investing Assets were lower at AED 153.46 million in 2020 compared to AED 174.34 million in the previous year. This is mainly due to a very cautious approach in onboarding new risk assets, under foggy economic conditions as a result of the pandemic.
• Net Fee and Commission income earned in 2020 was also lower at AED 25.66 million compared to AED 43.05 million in the previous year.
