Ithmaar Holding reports profits for the year

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Ithmaar Holding B.S.C. a Bahrain-based holding company, announced its financial results for the year ended 31 December 2019.

The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Boards of Directors of the company’s consolidated financial results.

Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended 31 December 2019 of US$11.38 million, a 57.4 percent decrease compared to the net loss of US$26.71 million reported for 2018.

Net profit attributable to equity holders for the year ended 31 December 2019 of US$0.67 million, compared to the net loss of US$23.98 million reported for 2018, mainly due to growth in core income.

Earnings Per Share (EPS) for the quarter ended 31 December 2019 were negative US Cents 0.39, compared to negative US Cents 0.92 for the same period in 2018. EPS for the year ended 31 December 2019 improved to US Cents 0.02, compared to negative US Cents 0.82 for 2018.

Total net loss for the three-month period ended 31 December 2019 was US$6.69 million, a 423.1 percent increase compared to the net loss of US$1.28 million reported for 2018 mainly due to impairment provision during the period.

Total net profit for the year ended 31 December 2019 was US$12.20 million, a 21.3 percent increase compared to the net profit of US$10.06 million reported for 2018.

Ithmaar Holding’s total owners’ equity stood at US$95.55 million as at 31 December 2019, a 17.9 percent decrease compared to US$116.36 million as 31 December 2018, resulting mainly from the devaluation of Pakistan Rupee. Accumulated losses at 31 December 2019 of US$746.29 million amounted to 98.5 percent of the share capital compared to 99.2 percent at 31 December 2018. Total assets stood at US$8.09 billion as at 31 December 2019, a 4.8 percent decrease compared to US$8.49 billion as at 31 December 2018.

This press release and the full set of consolidated financial statements are available on the Bahrain Bourse website.

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