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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