Bahrain's Ithmaar Holding Reveals 43% Drop In H1 Profits

Bahrain-based Ithmaar Holding has revealed a 43 percent decrease in net profit for the first six months of the year, which has been blamed on the economic impact of the global Covid-19 pandemic.

The investment firm saw its H1 profits drop from $13.02 million in 2019 to $7.40m this year.

Accumulated losses, as at June 30 2020, of $795.6m amounted to 105 percent of the share capital, compared to 98.5 percent as at December 31, 2019.

Total assets remained stable, at $8.08 billion as at the end of June this year, compared to $8.09bn as at December 31 last year.

A statement from the company, which is regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse, Dubai Financial Market and Boursa Kuwait, said: “The board of directors is working on various initiatives to improve the capital, which will strengthen the company’s consolidated equity, including the possible sale or restructuring of non-core assets, subject to necessary regulatory approvals.

“The company also remains committed to realising its long-term objectives of growing its core retail banking business while facilitating the sale of underlying, non-core assets of its subsidiaries when suitable opportunities arise.”