Bahrain Ithmaar Holdings net profit rises to $18.9mln

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MANAMA: Ithmaar Holding, a Bahrain-based holding company, has announced its financial results for the nine-month period till end-September 2019.

Net profit was $18.89 million for the period, a 66.6 per cent increase compared with $11.34m reported for the same period in 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 net profit attributable to equity holders for the three-months till end-September 2019 of $3.68m, a 273.5pc increase compared with net loss of $2.12m reported for the same period in 2018 mainly due to growth in core income.

Net profit for the three-months was $5.86m, compared with $0.51m in the same period in 2018.

Earnings per share (EPS) for the three-month period increased to 0.13 cents compared with negative 0.07 cents for the same period in 2018.

Total income for the three-months was $135.63m, a 23.2pc increase compared with total income of $110.1m reported for the same period in 2018.

Operating income for the three-months was $74.04m, a 17.9pc increase compared with $62.79m reported for the same period in 2018.

Net profit attributable to equity holders for the nine-month period till end-September 2019 was $12.04m, a 341.2pc increase compared with $2.73m reported for the same period in 2018.

Net profit was $18.89m for the period, a 66.6pc increase compared with $11.34m reported for the same period in 2018.

Earnings per share (EPS) for the nine-months increased to 0.41 cents compared with 0.09 cents for the same period in 2018.

Total income for the period was $382.29m, a 12.6pc increase compared with $339.45m reported for the same period in 2018.

Operating income for the period was $218.02m, a 3.1pc increase compared with $211.47m reported for the same period in 2018.

Ithmaar Holding’s total assets stood at $7.99 billion as at end-September 2019, a 5.8pc decrease compared with $8.49bn as of end-December 2018.

Total owners’ equity stood at $104.37m as at end-September 2019, a 10.3pc decrease compared with $116.36m as of end-December 2018, resulting mainly from the devaluation of Pakistani rupee.

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