Ithmaar Holding reports Q3 profit

Ithmaar Holding, a Bahrain-based holding company, yesterday posted a profit for its third quarter, against a loss in the year-ago quarter, helped by growth in its core income. Net profit attributable to equity holder for the three months ended 30 September 2019 was US$3.68m, a 273.5 per cent increase, compared to the net loss of US$2.12m in the same period of 2018, said Ithmaar Holding Chairman Prince Amr Al Faisal.

Quarterly net profit was US$5.86m, compared to the net profit of US$0.51m in the same quarter a year ago. EPS was US Cents 0.13 compared to negative US Cents 0.07 for the same quarter in 2018. Total income jumped 23.2pc to US$135.63m from US$110.1m in the prior-year quarter. Operating income for the quarter was US$74.04m, a 17.9pc increase from US$62.79m in the year-ago quarter.

Nine-month results

Net profit attributable to equity holders was US$12.04m, a 341.2pc increase from the net profit of US$2.73m reported for the same period in 2018. Nine-month net profit was US$18.89m, a 66.6pc increase compared to the net profit of US$11.34m reported for the same period in 2018. Earnings per share (EPS) increased to US Cents 0.41 from US Cents 0.09 for the same period in 2018. Total income was US$382.29m, a 12.6pc increase compared to US339.45m in the same period of 2018.

Operating income was US$218.02m, a 3.1pc increase compared to US$211.47m reported for the same period in 2018. Total assets stood at US$7.99 billion as at 30 September 2019, a 5.8pc decrease compared to US$8.49 billion as at 31 December 2018. Total owners’ equity stood at US$ 104.37m as at 30 September 2019, a 10.3pc decrease from US$ 116.36m as 31 December 2018, resulting mainly from the devaluation of Pakistan Rupee.