Ithmaar reports full-year results
Manama : Ithmaar Holding (Ithmaar) reported a net loss of US$72.40 million for the year ended 31 December 2017, compared to a net profit of US$13.80m reported for 2016.
Net loss attributable to equity holders for the year ended 31 December 2017 was US$84.71m, compared to a net profit US$3.28m reported for 2016.
For the three-month period ending 31 December 2017, financial results included a net loss of US$56.15m, compared to a net loss of US$2.93m for the same period in 2016. Net loss attributable to equity holders for the period was US$57.67m, compared to the US$3.23m net loss reported for the same period in 2016.
“Although our total income, at US$392.46m for the year ended 31 December 2017, decreased by five percent from the total income of US$413.17m reported for the year ended December 31 December 2016, mainly due to unrealised foreign exchange losses as well as assets being classified as Held For Sale, our income from core retail banking business grew by 72.3 percent, with the Group’s share of income from unrestricted investment accounts as a Mudarib, increasing to US$76.86m for the year ended 31 December 2017, compared to US$44.60m for 2016,” said Chairman Prince Amr Al Faisal
“During the year ended 31 December 2017, Ithmaar Group initiated an active programme to sell specific investments. Accordingly, these investments were consequently presented as assets classified as Held For Sale in the consolidated statement of financial position,” added Prince Amr.
Chief Executive Officer, Ahmed Abdul Rahim, said the results demonstrate that the unwavering focus on core retail banking business is delivering tangible results.
“Total assets stood at US$8.61 billion as at 31 December 2017, a 3.2 percent increase compared to US$8.34bn as at 31 December 2016,” he said.
“Murabaha and other financings also increased to US$4.29bn as at 31 December 2017, a 9.2 percent increase compared to US$3.93bn as at 31 December 2016,” said Abdul Rahim. “The equity of unrestricted investment accountholders, at US$2.83bn as at 31 December 2017, also increased by 2.1 percent compared to US$2.77bn as at 31 December 2016, which reflects customers’ confidence in Ithmaar,” he said.
“On 29 January 2018, Ithmaar was listed on the Dubai Financial Market (DFM), adding a new key market alongside our current listing on the Bahrain Bourse and Boursa Kuwait,” said Abdul Rahim.
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