Ithmaar Holding posts Q1 results; shareholders agree to boost capita

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Ithmaar Holding, a Bahrain-based holding company, yesterday announced its first quarter 2023 results, reporting a net loss attributable to equity holders of US$3.01 million compared to the net profit of US$1.14 m in the year-earlier quarter.

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

Operating income was US$53.66 m, a 10% decrease compared to the US$59.59 m reported for the same period in 2022.

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.

Total net profit was US$2.05 m, a decrease of 68% from net profit of US$6.47 m in the prior-year quarter.

The bank attributed the decrease mainly to foreign exchange impact relating to the Group’s strategic investments At an Extraordinary General Meeting on Sunday, Ithmaar Holding shareholders approved plans to improve the capital of the Company.

The initiative, 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.