Manama, Bahrain: Ithmaar Holding Company BSC (Bahrain Stock Exchange and Dubai Financial Market Symbol: ITHMR), the Bahrain-based holding company, reported a profit in the first quarter when it announced its financial results for the three-month period that ends March 31, 2022. This was stated by the Chairman of the Board of Directors of Ithmaar Holding Company, His Royal Highness Prince Amr Al-Faisal after the review and approval by the Board of Directors of the company’s consolidated financial results.
Ithmaar Holding Company reported a net profit attributable to shareholders of $ 1.14 million for the three-month period ended March 31, 2022, a decrease of 87.2% compared to a net profit of $ 8.86 million recorded in the same period in 2021. The total net profit for the period was For the three months ended 31 March 2022, it amounted to $ 6.47 million, compared to a net profit of $ 13.85 million recorded in the same period in 2021. Earnings per share for the three months ended March 31, 2022 amounted to 0.04 US cents compared to 0.30 US cents. In the same period in 2021.
Operating income for the three-month period ended March 31, 2022, was $ 55.30 million, an increase of 14.7 percent, compared to $ 48.23 million recorded in the same period in 2021.
The total equity of Ithmaar Holding amounted to $ 29.22 million as of March 31, 2022, a decrease of 22.6 percent compared to $ 37.76 million as of December 31, 2021. The accumulated losses as of March 31, 2022 amounted to $ 801.52 million and amounted to $ 801.52 million. capital. Assets remained stable at $ 9.26 billion as of March 31, 2022, an increase of 2.5 percent compared to $ 9.03 billion as of December 31, 2021.
It is noteworthy that the shareholders of Ithmaar Holding at the Extraordinary General Meeting held on 17 March 2022 approved a transaction to sell some of the company’s principal assets in Bahrain to Al Salam Bank (trading code on the Bahrain Stock Exchange “SALAM “and trading code on the Dubai Financial Market” SALAM_BH “). ”). These assets include the total ownership of Ithmaar Holdings in BBK (Bahrain Bourse trading symbol “BBK”) and Solidarity Holding Group, one of the largest takaful groups in the world and is the parent company of Solidarity Bahrain (BHB trading symbol “SOLID”). . . ), in addition to the retail banking business of Ithmaar Bank, a Bahrain-based Islamic retail bank that is a wholly owned subsidiary of Ithmaar Holding. As the shareholders of Ithmaar Holding approved this transaction, the underlying assets in the company’s consolidated financial statements changed accordingly. Following the conclusion of this transaction, Ithmaar Holding will maintain a diversified portfolio of local and international financial and other assets, including banking business in Bahrain and Pakistan. As for Ithmaar Bank, it will continue as a wholly owned subsidiary of Ithmaar Holding Company, and will continue its role as an innovative and Shariah-compliant banking institution, as the bank will maintain its banking operations as a licensed Islamic bank subject to supervision. of the Central Bank of Bahrain, specializing in corporate banking and related services, in particular The sector of small and medium enterprises is growing rapidly, after obtaining regulatory approvals.
Assets and liabilities that are subject to the completion of the above transaction have been separately posted as “hold for sale” in the consolidated financial statement information in accordance with IPSAS.
You will find the press release and the consolidated financial statements published in full on the Bahrain Stock Exchange website.
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About Ithmaar Holding:
Ithmaar Holding Company BSC (“Ithmaar Holding of Ithmaar”) is an investment company licensed and supervised by the Central Bank of Bahrain and its shares are listed on the Bahrain Stock Exchange and Dubai Financial Market.
Ithmaar Holding owns two wholly owned entities, one of which is Ithmaar Bank BSC (c) (Ithmaar Bank), a subsidiary Islamic retail bank which conducts the core retail banking business, and the other IB Capital BSC. (m) (IB Capital), an investment firm that manages investments and other non-core assets, both of which are subsidiaries, is authorized and supervised by the Central Bank of Bahrain.
Ithmaar maintains its presence in overseas markets through its subsidiary, Faisal Bank Limited (Pakistan) and locally through the Dilmunia Development Fund 1.
As far as IB Capital is concerned, it maintains its presence in the markets of the region and abroad through its investments and its associates.