Bahrain-based Ithmaar Holding has reported a net profit of $4 million for the six-month period ended June 30, local reports have said.
This is a turnaround for the company from the same period in 2020, when it notched a net loss of $1.29 million, said the reports.
The increase is reportedly due mainly to the performance of the company’s retail banking assets.
Earnings Per Share or EPS for the six-month period ended June 30 was $0.14, compared to $0.04 in the red for the same period in 2020, the company said.
The announcement, by Ithmaar Holding Chairman Prince Amr Al Faisal, follows the review and approval of the board of directors of the company’s consolidated financial results for H1 2021.
Ithmaar Holding reported a net loss of $4.86 million for the three-month period ended June 30, compared to the net profit of $21.30 million reported for the same period in 2020.
EPS for the three-month period was negative $0.17, compared to positive $0.73 for the same period in 2020.
Ithmaar Holding’s total owners’ equity increased to $38.62 million, a 161.6 percent rise compared to $14.76 million as on December 31, 2020.
The gain was mainly due to increased income attributable to equity holders of the company and fair-value reserves, said the reports.
Accumulated losses dropped to $829 million as on June 30, and amount to 109.4 percent of the share capital, compared to $833.8 million as on December 31, 2020.
Total assets grew to $9.14 billion as on June 30, which was 9 percent higher than the $8.38 billion on December 31, 2020.