|16 February, 2020

Ithmaar Holding turns profitable in 2019; zero dividends proposed

Ithmaar Holding posted an annual increase of 21.3% in total net profit

Mubasher: The Bahrain-based Ithmaar Holding logged a net profit attributable to equity holders worth $669,000 for the fiscal year ended 31 December 2019, versus a net loss of $23.98 million in 2018.

Earnings per share (EPS) stood at 0.02 cents last year as compared to a loss per share of 0.82 cents in 2018, according to a recent press release.

Meanwhile, Ithmaar Holding posted an annual increase of 21.3% in total net profit to $12.20 million for the year 2019 when compared to $10.06 million, whereas total assets dropped by 4.8% to stand at $8.08 billion from $8.48 billion.

The Bahraini firm attributed the annual profits largely to higher core income of $525.46 million in 2019.

In the fourth quarter (Q4) of last year, the holding firm achieved a net loss attributable to equity holders worth $11.37 million, down by 57.4% from $26.71 million in the same quarter in 2018.

Loss per share fell to 0.39 cents in the fourth quarter of 219 when compared to 0.92 cents in the comparative period a year earlier.

It is noteworthy that during the first nine months of 2019, profits attributed to shareholders leapt by 341.2% to $12.04 million from $2.73 million in the same period last year.

Ithmaar Holding is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).

Source: Mubasher

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