Ithmaar AGM approves 2019 results

TDT | Manama

Ithmaar Holding (ITHMR), a Bahrain-based holding company, announced hosting it's Annual General Meeting (AGM) where the consolidated financial statements for 2019 were approved. The meeting held through video conferencing was chaired by Elham Hasan, an independent, non-executive Board Member of the Ithmaar Holding Board of Directors.

“On behalf of the Chairman of the Ithmaar Holding Board of Directors, His Royal Highness, Prince Amr Al Faisal and Members of the Board of Directors, we are pleased to report that efforts to significantly transform the Group’s operations in line with the strategic decisions taken by shareholders in 2016 are continuing to pay off and that Ithmaar Holding concluded another positive year in 2019,” said Hasan.

Ithmaar Holding reported a net profit attributable to equity holders for the year ended 31 December 2019 of US$0.67 million, a 102.8 per cent increase compared to the net loss attributable to equity holders of US$23.98 m reported for 2018.

The 2019 profit was mainly due to growth in core income. Earnings Per Share (EPS) improved to US Cents 0.02, a 102.8 pc increase compared to negative US Cents (0.82) for 2018. EPS for the quarter ended 31 December 2019 were US Cents (0.39), a 57.4 pc increase compared to US Cents (0.92) for the negative period in 2018.

Total net profit was US$12.2 m, a 21.3 pc increase compared to the net profit of US$10.06 m reported for 2018, mainly due to growth in core income. Total income was US$525.46 m, a 19.8 pc increase compared to the total income of US$438.55 m reported for 2018.

Operating income was US$296.20 m, a 14 pc increase compared to the US$259.82 m reported for 2018. Ithmaar Holding Group Chief Executive Officer, Ahmed Abdul Rahim, said the 2019 results were further confirmation that the Company is heading in the right direction.

“Ithmaar Holding’s 2019 results set the stage for future growth as we continue the Group’s transformation to sustainable profitability,” said Abdul Rahim.