Ithmaar Holding, listed on Bahrain Bourse as well, turned to net losses attributable to the owners of $38.38 million in 2022, against net profits worth $38.60 million in 2021.

Total income dropped to $363.61 million last year from $366.17 million in 2021, according to the consolidated financial results.

Meanwhile, the basic and diluted loss per share attributable to the shareholders reached $1.32 during the January-December 2022 period, versus earnings per share (EPS) of $1.33 a year earlier.

Additionally, the total assets plummeted by 33% year-on-year (YoY) to $6.05 billion in 2022 from $9.03 billion.

Accumulated Losses

Ithmaar Holding incurred accumulated losses worth $828.75 million as of 31 December 2022, representing 109% of its share capital.

Income statements for Q4

During the fourth quarter (Q4) of 2022, the listed firm swung to net losses attributable to equityholders worth $39.69 million, versus a net profit of $37.13 million in the year-ago period.

The loss per share increased to $1.36 in Q4-22 from $1.28 in Q4-21.

In the first nine months (9M) of 2022, the company recorded net profits attributable to the shareholders worth $1.30 million, lower than $1.47 million in 9M-21.

Last March, the shareholders of Ithmaar Holding agreed to sell some of its key assets in Bahrain to Al Salam Bank. The transaction was completed on 7 July 2022, whereas the two entities inked a memorandum of understanding (MoU) for the acquisition in October 2021.

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