Ithmaar Holding's 2019 net profit surges 21.3pc
COMMERCIAL NEWS
Bahrain-based an investment firm Ithmaar Holding has registered a net profit of $12.20 million for the year ended December 31, 2019, up 21.3 per cent over $10.06 million the previous year.
The announcement was made by Ithmaar Holding Chairman Prince Amr Al Faisal, following the review and approval by the company's board of directors of the consolidated financial results.
Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended December 31, 2019 of $11.38 million, a 57.4 per cent decrease compared to the net loss of $26.71 million reported for 2018, said the statement from Ithmaar Holding.
Net profit attributable to equity holders stood at $0.67 million, compared to the net loss of $23.98 million reported for 2018, mainly due to growth in core income, it stated.
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 December 31, 2019 improved to US Cents 0.02, compared to negative US Cents 0.82 for 2018.
Total net loss for the three-month period was $6.69 million, a 423.1 per cent increase compared to the net loss of $1.28 million reported for 2018 mainly due to impairment provision during the period, said the statement from Ithmaar Holding.
Total net profit for the year ended December 31, 2019 was $12.2 million, a 21.3 per cent increase compared to the net profit of $10.06 million reported for 2018.
Ithmaar Holding’s total owners’ equity stood at $95.55 million for the year, down 17.9 per cent compared to $116.36 million in 2018, resulting mainly from the devaluation of Pakistan Rupee. it stated.
Accumulated losses was put at $746.29 million, which accounted for 98.5 per cent of the share capital compared to 99.2 per cent in 2018.
Total assets stood at $8.09 billion, registering a 4.8 per cent decrease compared to $8.49 billion as of December 31, 2018, it added.
Ithmaar Holding, which is listed on Bahrain Bourse, Dubai Financial Market and Boursa Kuwait, owns two wholly-owned subsidiaries - Ithmaar Bank, an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital, an investment firm subsidiary, which holds investments and other non-core assets.
The two subsidiaries are licensed and regulated by the CBB.-TradeArabia News Service
