Finance & Capital Market

Ithmaar Holding reports $5.86m net profit for Q3

Bahrain-based Ithmaar Holding has reported a net profit of $5.86 million for the three-month period ended September 30 (Q3), compared to the net profit of $0.51 million reported for the same period in 2018.

The company reported a net profit of $3.68 million attributable to equity holders during the third quarter of the year, a 273.5 per cent increase compared to the net loss of $2.12 million in Q3 2018, mainly due to growth in core income.

The announcement was made by Ithmaar Holding chairman HRH Prince Amr Al Faisal following the review and approval of the Boards of Directors of the company’s consolidated financial results.

EPS for the three-month period ended 30 September 2019 increased to US Cents 0.13 compared to negative US Cents 0.07 for the same period in 2018.

Total income for the three-month period ended 30 September 2019 was $135.63 million, a 23.2 per cent increase compared to the total income of $110.1 million reported for the same period in 2018. Operating income for the three-month period ended 30 September 2019 was $74.04 million, a 17.9 per cent increase compared to the $62.79 million reported for the same period in 2018.

The net profit attributable to equity holders for the nine-month period ended 30 September 2019 was $12.04 million, a 341.2 per cent increase compared to the net profit of $2.73 million reported for the same period in 2018.

The net profit was $18.89 million for the nine-month period ended 30 September 2019, a 66.6 per cent increase compared to the net profit of $11.34 million reported for the same period in 2018.  Earnings per share (EPS) for the nine-month period ended 30 September 2019 increased to US Cents 0.41 compared to US Cents 0.09 for the same period in 2018.

Total income for the nine-month period ended 30 September 2019 was $382.29 million, a 12.6 per cent increase compared to US339.45 million reported for the same period in 2018.  Operating income for the nine-month period ended 30 September 2019 was $218.02 million, a 3.1 per cent increase compared to $211.47 million reported for the same period in 2018.

Ithmaar Holding’s total assets stood at $7.99 billion as at 30 September 2019, a 5.8 per cent decrease compared to $8.49 billion as at 31 December 2018. Total owners’ equity stood at $ 104.37 million as at 30 September 2019, a 10.3 per cent decrease compared to $ 116.36 million as 31 December 2018, resulting mainly from the devaluation of Pakistan Rupee. – TradeArabia News Service