Ithmaar Holding reports Q3, 9-month results

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Ithmaar Holding yesterday announced third quarter and nine-month 2022 results, which the company said was adversely impacted by the strengthening of the US Dollar against other global currencies, coupled with the political situation in Pakistan.

During 2022, Ithmaar Holding said its financial position was adversely impacted by the strengthening of the US Dollar against other global currencies, coupled with the political situation in Pakistan, resulting in the Pakistan Rupee-US Dollar parity depreciating significantly.

This depreciation has resulted in foreign exchange translation impact of US$53 m from Ithmaar Holding’s subsidiary in Pakistan, Faysal Bank Limited.

The announcement was by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal and followed the review and approval of the Board of Directors of the Company’s consolidated financial results.

Q3 results

Net loss attributable to equity holders was US$7.78 million, an increase of 207% compared to the net loss of US$2.53 m in the year-ago quarter.

Total net loss was US$3.01 m, compared to net profit of US$2.78 m in the same quarter a year ago. Earnings Per Share was negative US Cents 0.27, compared to negative US Cents 0.09 in the prior-year quarter.

Nine-month results

Net profit attributable to equity holders was US$1.30 m, a decrease of 12% compared to net profit of US$1.48 m in the year-ago period.

Total net profit was US$15.12 m, compared to net profit of US$15.74 m in the same period a year ago. EPS was US Cents 0.04, compared to US Cents 0.05 for the same period in 2021.

Ithmaar Holding’s total owners’ equity decreased to US$6.28 m as at 30 September 2022, an 83.4% decrease compared to US$37.76 m as at 31 December 2021.

Accumulated losses reduced to US$797.49 m as at 30 September 2022 and amount to 105% of the share capital, compared to US$798.79 m as at 31 December 2021.

Total assets stood at US$5.96 billion as at 30 September 2022, a decrease of 34% compared to US$9.03 bn as at 31 December 2021, mainly due to the transaction with Al Salam Bank.