Bahrain - Ithmaar Holding, listed on Bahrain Bourse as well, shifted to net losses attributable to the shareholders worth $3 million in the first quarter (Q1) of 2023.

The incurred losses were against net profits amounting to $1.13 million in Q1-22, according to consolidated financial statements.

Meanwhile, the total income climbed to $143.78 million as of 31 March 2023 from $123.02 million in the year-ago period.

Basic and diluted loss per share hit $0.10 during the first three months (3M) of 2023, compared with earnings per share (EPS) valued at $0.04 in 3M-22.

Accumulated Losses

The Bahrain-based holding firm’s accumulated losses reached $831.76 million as of 31 March 2023, accounting for 110% of its share capital.

Capital Boost

During the extraordinary general meeting (EGM), the shareholders of Ithmaar Holding passed the board’s recommendation to improve the company’s capital.

Subject to regulatory approvals, the board's proposal includes an injection of Tier 1 Capital of up to $200 million. This step will foster the company’s consolidated equity and drive its strategic objectives, which will contribute to achieving a turnaround financial performance for the upcoming years.

Last year, the cross-listed firm swung to net losses attributable to the owners valued at $38.38 million, versus net profits worth $38.60 million in 2021.

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