Ithmaar Holding reports 2020 results

SourceZawya
SectorFinancial Markets
CountryBahrain

MANAMA, BAHRAIN : Ithmaar Holding B.S.C. (Trading symbol: ITHMR), a Bahrain-based holding company, announced its financial results for the year ended 31 December 2020.The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Company’s consolidated financial results.Total net loss attributable to equity holders for the year ended 31 December 2020 was US$41.72 million, compared to the net profit of US$0.67 million reported for 2019.  The decrease is mainly due to the economic impact of the Covid-19 pandemic.Earnings Per Share (EPS) for the three-month period ended 31 December 2020 were negative US Cents 1.32, compared to negative US Cents 0.39 for the same period in 2019. EPS for the year ended 31 December 2020 was negative US Cents 1.43, compared to positive US Cents 0.02 for 2019.Total net loss for the three-month period ended 31 December 2020 was US$30.26 million compared to the net loss of US$6.69 million reported for 2019 mainly due to impairment provisions during the period.Total net loss for the year ended 31 December 2020 was US$21.48 million compared to the net profit of US$12.20 million reported for 2019.Ithmaar Holding’s total owners’ equity ...read more...