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COMMUNITY NEWS

Ithmaar Holding reports profits for the nine months’ period 2021

Nov 11, 2021 3:13 PM

Ithmaar Holding B.S.C. (Trading symbol: ITHMR) a Bahrain-based holding company announced its financial results the nine-month period ended 30 September 2021 reporting a profit for the period. The announcement...

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Ithmaar Holding B.S.C. (Trading symbol: ITHMR), a Bahrain-based holding company, announced its financial results the nine-month period ended 30 September 2021, reporting a profit for the period.

The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Company’s consolidated financial results for the nine-month period ended 30 September 2021, including the third quarter of 2021.

Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended 30 September 2021 of US$2.53 million compared to the net loss of US$2.00 million reported for the same period in 2020. Earnings Per Share (EPS) for the three-month period ended 30 September 2021 was negative US Cents 0.09, compared to negative US Cents 0.07 for the same period in 2020. Overall, including profit attributable to minority interests, Ithmaar Holding reported a net profit for the three-month period ended 30 September 2021 of US$2.78 million, a 103 percent increase compared to the net profit of US$1.38 million reported for the same period in 2021.

Ithmaar Holding reported a net profit attributable to equity holders for the nine-month period ended 30 September 2021 of US$1.48 million compared to the net loss of US$3.29 million reported for the same period in 2020. EPS for the nine-month period ended 30 September 2021 was US Cents 0.05, compared to negative US Cents 0.11 for the same period in 2020. Overall, including profit attributable to minority interests, the Company’s results show a net profit for the nine-month period ended 30 September 2021 of US$15.74 million, a 79 percent increase compared to the net profit of US$8.78 million reported for same period in 2020.

Ithmaar Holding’s total owners’ equity stood at US$12.02 million as at 30 September 2021, an 18.6 percent decrease compared to US$14.76 million as at 31 December 2020. Accumulated losses, as at 30 September 2021, of US$831.54 million amounted to 109.7 percent of the share capital, compared to US$833.79 million as at 31 December 2020. Total assets grew to US$8.96 billion as at 30 September 2021, 7 percent higher than US$8.38 billion as at 31 December 2020.

In line with Ithmaar Holding’s strategy of creating value for its shareholders, the Board of Directors is working on various initiatives to improve the capital, which will strengthen the Company’s consolidated equity. As part of this strategy, the Company signed on 03 October 2021 a memorandum of understanding and entered into discussions with Al Salam Bank - Bahrain for the potential acquisition by Al Salam Bank of a group of assets from Ithmaar Holding’s group of companies. The plans, which are subject to the completion of due diligence by both parties, also require shareholder and regulatory approvals.

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