Ithmaar Holding, a Bahrain-based holding company, has reported an operating income of $53.66 million for the three-month period ended March 31, 2023.

 

The company yesterday announced its financial results for the three-month period ended March 31, 2023. 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 interim financial results.

 

The operating income was a 10 percent decrease compared to $59.59 million reported for the same period in 2022.

 

Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended March 31, 2023 of $3.01 million compared to the net profit of $1.14 million reported for the same period in 2022. 

 

Earnings Per Share (EPS) for the three-month period were negative US cents 0.10, compared to US cents 0.04 for the same period in 2022. 

 

Operating income for the three-month period ended March 31, 2023 was $53.66 million, a 10 percent decrease compared to $59.59 million reported for the same period in 2022.

 

Moreover, Ithmaar Holding reported total net profit for the three-month period ended March 31, 2023 was $2.05 million, a decrease of 68 percentage compared to the net profit of $6.47 million reported for the same period in 2022. The decrease compared to previous period is mainly due to foreign exchange impact relating to the group’s strategic investments.

 

Ithmaar Holding’s total owners’ equity stood at US$1.10 million as at March 31, 2023, a 76 percent decrease compared to $4.57 million as at 31 December 2022. Accumulated losses, as at March 31, 2023, stood at to $831.76 million and amount to 110 percent of the share capital. 

 

Total assets stood at $5.45 billion as at March 31, 2023, 10 percent lower than $6.06 billion as at December 31, 2022. This is mainly due to foreign exchange impact during the period resulting from the Company’s strategic investment.

 

At an Extraordinary General Meeting on 4 June 2023, Ithmaar Holding shareholders approved plans to improve the capital of the Company. The initiative that was proposed by the Board of Directors, includes injection of Tier 1 Capital of up to $200 million which will be subject to legal and regulator’s approval.  The proposed initiative will strengthen the company’s consolidated equity and will allow to implement the strategic objectives of the company, which will contribute towards achieving a turnaround financial performance for the upcoming years. –TradeArabia News Service