Mubasher: Ithmaar Holding, which is listed on both Dubai Financial Market (DFM) and Bahrain Bourse, shifted to net profits worth $13.35 million in 2023 from net losses of $20.96 million in 2022.

Meanwhile, the company reported $9.31 million worth of net losses attributed to the shareholders last year, which signalled a decrease from $38.38 million in 2022, according to the income statements.

The basic and diluted losses per share stood at $0.32 in 2023, a drop from $1.32 in the previous year.

Ithmaar Holding achieved higher net income at $283.47 million in the January-December 2023 period, compared with $257.32 million in the year-ago 12 months.

As of 31 December 2023, the company’s total assets amounted to $6.10 billion when compared with $6.05 billion a year earlier.

Accumulated Losses

Ithmaar Holding posted accumulated losses worth $838.06 million at the end of the fourth quarter (Q4) of 2023.

The amount represented 111% of the company’s $757.68 million capital, as published on 13 February 2024.

The listed entity stated that the accumulated losses in 2023 surged by $9.30 million mainly due to net losses attributable to the shareholders.

During the first nine months (9M) of 2023, Ithmaar Holding swung to net losses attributable to the shareholders worth $4.48 million while its net income reached $187.87 million.