MANAMA: Ithmaar Holding has announced its financial results for the year ended December 31, 2019.
Total net profit for the period was $12.20 million, a 21.3 per cent increase compared with the net profit of $10.06m reported for 2018.
The announcement, by Ithmaar Holding chairman Prince Amr Al Faisal, follows the review and approval of the board 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 December 31, 2019 of $11.38m, a 57.4pc decrease compared to the net loss of $26.71m reported for 2018.
Net profit attributable to equity holders for the year ended December 31, 2019 was $0.67m, compared with the net loss of $23.98m reported for 2018, mainly due to growth in core income.
Earnings Per Share (EPS) for the quarter ended December 31, 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 0.02 cents, compared with negative US Cents 0.82 for 2018.
Total net loss for the three-month period ended 31 December 2019 was $6.69m, a 423.1pc increase compared to the net loss of $1.28m reported for 2018 mainly due to impairment provision during the period.
Ithmaar Holding’s total owners’ equity stood at $95.55m as at December 31 2019 – a 17.9pc decrease compared to $116.36m on December 31, 2018, resulting mainly from the devaluation of Pakistan Rupee.
Accumulated losses in 2019 of $746.29m amounted to 98.5pc of the share capital compared to 99.2pc at December 31, 2018.
Total assets stood at $8.09 billion as on December 2019, a 4.8pc decrease compared to $8.49bn as on December 31, 2018.
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