The statement also stated that, Ithmaar Holding is a real economic profit of $ 10.06 million for the year ended December 31, 2018, compared to a net loss of $ 72.40 million for the year 2017, and The group recorded a net loss attributable to shareholders of US $ 24 million, compared to a net loss of US $ 84.7 million, in 2017.
This improvement in financial results compared to last year is due to the tireless efforts made over the past two years that paved the way for the group's gradual transformation to return to achieving sustainable profitability. < / p>
The statement also included that the shares of Ithmaar Holding Company are still being traded on both the Bahrain Stock Exchange and the Dubai Financial Market, but their shares have been suspended from trading on the Kuwait Stock Exchange in accordance with Article 9 .8.2, from the Kuwait Stock Exchange rules for companies whose losses exceed 75% of the capital.
He also stressed that the accumulated losses as of December 31, 2018 are mainly from the allocations resulting from non-core investments, due to the impact of the application of Financial Accounting Standard No. (FAS 30). The total shareholders' equity amounted to US $ 116 million as of December 31, 2018.
Board of Directors are currently discussing the issue of capitalizing Ithmaar Holding Company during 2019 and reviewing plans that include restructuring the current capital through amortization of accumulated losses, in addition, the shareholder stated The main point is that it intends to raise the capital to $ 300 million during the second half of 2019. Capital plans are also reviewed and will be announced in due course after obtaining the necessary approvals from shareholders and regulators.
It is mentioned that, Ithmaar Holding Company BSC (Ithmaar Holding or Ithmaar) is an investment company licensed and regulated by the Central Bank of Bahrain and its shares are listed on the Bahrain Stock Exchange, Kuwait Stock Exchange and Dubai Financial Market. Ithmaar Holding has two wholly owned subsidiaries, one of which is Ithmaar Bank BSC. (M) (Ithmaar Bank) is a subsidiary Islamic retail bank that handles core retail banking, and the other is IP Capital BSC. (M) It is an investment company that manages investments and other non-core assets, noting that both subsidiary entities have been licensed by the Central Bank of Bahrain and are subject to its supervision.
Namazon Services..programmed technical analysis platform ... for Emirati, Saudi, and global markets
With your support we continue ... to provide valuable content and smart solutions for the investor ...
