CHAIRMAN’s
STATEMENT
Amidst steadily improving economic and financial market conditions, FH Group has posted a Consolidated Net Profit of AED 22.76 million for the financial year ended 31 December 2021, compared to AED 20.90 million registered in the previous financial year ended 31 December 2020.
Without doubt, economic conditions in the UAE significantly improved during 2021. We feel good that the FH Group leveraged this improving economic environment to fortify our level of preparedness to compete in the world that lies ahead. We continue to fine-tune our strategies and strategy execution capabilities on a regular basis in response to dynamic changes in market conditions. We are alert and geared to exploit profitable opportunities, to adapt quickly to changing market conditions, to continue managing risks well and to maximize returns for our shareholders.
Mohammed Abdulla Jumaa Alqubaisi
Vice Chairman
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by offering exceptional financial
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team of professionals.
OUR
PURPOSE
BOARD OF DIRECTORS
Key Achievements in 2021
I summarize below the key achievements for the year 2021, which made it an outstanding accomplishment for the group:
- Our investment grade Foreign Currency Credit Ratings of Finance House PJSC were reaffirmed by Capital Intelligence, at “A3” Short Term and “BBB-” Long Term, both with a stable outlook.
- 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 lighting speed turnaround times. These products include Al Rabeh Guarantee, Al Rabeh Deposit, and Al Rabeh WPS.
- Finance House announced the launched of its new mobile application that offers users the ultimate financing experience whereby they have online access to all financial services in one hassle-free digital platform. The new Finance House App brings in-branch services to customers, wherever they are; offering numerous services such as allowing customers to check their balance and transactions, transfer money, pay bills, activate or block cards, and so much more… All at the comfort of their fingertips!
- Taking part in spreading valuable knowledge and in-depth experience in the field, T.K Raman stood as a keynote speaker in The Institute of Chartered Accountants of India virtual conference, sponsored by Finance House, and addressed the members of the ICAI by raising awareness about Finance House and its product and service offerings.
- Finance House proudly announced the launch of its new mobile application “FH Business App” to help companies better manage their finances and run their businesses more securely and efficiently. The new app presents features that allow business owners to quickly manage their Flexi and Fixed Deposits, check their Corporate Finances, and issue Flexi Rabeh Letters of Guarantee.
- Finance House officially announced the successful addition of Garmin Pay and SwatchPAY! to its suite of contactless payment methods on all of its Credit Cards, expanding the spectrum of safe and secure contactless services offered by FH which include Samsung Pay, Google Pay, and Fitbit Pay.
- Finance House launched a Student Internship Program whereby undergraduate university students could meet several Finance House employees from different departments, sit with them, and acquire valuable information concerning the business world. This program offers the youth of our Nation a chance to explore their career path, network with professionals in the field, and gain the required insights and confidence that will help them transition into their business journey after graduation.
- 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).
- 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.
RESULTS
& STATISTICS
I summarize below the key financial outcomes of our actions for the year ended 31 December 2021:
- FH Group has posted a Consolidated Net Profit of AED 22.76 million for the financial year ended 31 December 2021 compared to AED 20.90 million registered in the previous financial year ended 31 December 2020.
- Our insurance subsidiary- Insurance House PSC registered a resilient performance, despite the headwinds, with Net Insurance Income of AED 41.89 million in 2021 compared to AED 42.53 million in the previous year.
- Aggregated income from group-wide investing activities & other operating income (routed through Profit & Loss Account) weighed in at AED 51.54 million in 2021 compared to AED 53.84 million in the previous year, primarily due to pro-active management of our proprietary investment book.
- Net Interest Income and Income from Islamic Financing & Investing Assets were lower at AED 137.20 million in 2021 compared to AED 153.46 million in the previous year.
- Net Fee and Commission income earned in 2021 was also lower at AED 15.86 million compared to AED 25.66 million in the previous year.
