Bahrain group Ithmaar swings to nine-month net profit
MANAMA, November 11, 2021
Ithmaar Holding, a Bahrain-based holding company, has reported a net profit of $1.48 million attributable to equity holders for the nine-month period ended September 30, 2021 compared to the net loss of $3.29 million for the same period last year
Announcing the results for the nine-month period ended September 30, Ithmaar said its earnings per share (EPS) stood at 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 of $15.74 million, up 79% over the net profit of $8.78 million reported for same period last year.
Ithmaar Holding’s total owners’ equity stood at $12.02 million as of September 30, down 18.6% from $14.76 million as of December 31, 2020, said the statement.
Accumulated losses, as of September 30, stood at $831.54 million accounting to 109.7 per cent of the share capital, compared to $833.79 million as at 31 December 2020. Total assets grew to $8.96 billion, up 7 per cent over $8.38 billion as of December 31, 2020, it added.
On the Q3 results, Ithmaar said its net loss attributable to equity holders for the three-month period ended September 30, 2021 was $2.53 million compared to the net loss of $2 million reported for the same period last year.
The EPS for the three-month period ended September 30 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 $1.38 million reported for the same period in 2021.
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.
On the solid results, Ithmaar Holding Chairman Prince Amr Al Faisal said: "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 last month signed a MoU 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," he noted.
"The plans, which are subject to the completion of due diligence by both parties, also require shareholder and regulatory approvals," he added.
