MANAMA, BAHRAIN – 17 March 2022 – Shareholders of Ithmaar Holding B.S.C. (Bahrain Bourse and Dubai Financial Market Trading Code: “ITHMR”), a Bahrain-based holding company, yesterday (ed note: 17/03/22) approved plans to sell some of the Company’s key assets in Bahrain to Al Salam Bank (Bahrain Bourse Trading Code “SALAM”, Dubai Financial Market Trading Code “SALAM_BAH”).

The assets include Ithmaar Holdings’ ownership stake in both BBK (Bahrain Bourse Trading Code: “BBK”) and Solidarity Group Holding, one of the largest takaful groups globally and the parent of Solidarity Bahrain (Bahrain Bourse Trading Code: “SOLID”), as well as the consumer banking business of Ithmaar Bank, a Bahrain-based Islamic bank and a wholly-owned subsidiary of Ithmaar Holding.

The plans were presented to Ithmaar Holding shareholders at an Extraordinary General Meeting (EGM) that was held electronically through videoconferencing and chaired by the Chairman of the Ithmaar Holding Board of Directors, His Royal Highness Prince Amr Al Faisal. Other key participants in the EGM included representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry, Commerce and Tourism (MOICT), the Bahrain Bourse, and the Company’s statutory auditors, PricewaterhouseCoopers.

When the plans are implemented, Ithmaar Holding will retain a well-diversified portfolio of international and local financial and other assets, which include banking businesses in Bahrain and Pakistan. Ithmaar Bank, which will remain a wholly-owned subsidiary of Ithmaar Holding, will continue as an innovative Islamic bank that is licensed and regulated by the CBB and exclusively focused on corporate banking and related services, particularly the fast- growing SME sector.

“The plans mark a key milestone in the transformation of the Group’s operations, in line with the strategic decisions taken by the shareholders in 2016,” said HRH Prince Amr. “When implemented, the plans will have realised a key component in Ithmaar Holding’s business model of investing, developing, nurturing, growing and then realising value for its shareholders,” he said.

The EGM followed the Company’s Annual General Meeting (AGM) that was also held through videoconferencing the previous day (ed note: 16/03/22) and chaired by HRH Prince Amr. During the AGM, Ithmaar Holding shareholders approved the Company’s consolidated financial statements for 2021.

“We are pleased to report that, despite challenging market conditions and the lingering negative effects of the pandemic on the global economy, Ithmaar Holding concluded 2021 on a positive note, recording significant profits and setting the stage for a new era of growth,” said HRH Prince Amr.

“The total net profit attributable to equity holders for the year ended 31 December 2021 was US$38.60 million, a 193 percent increase compared to the net loss of US$41.72 million reported for 2020. The increase is mainly due to the growth in core income. As a result, Earnings Per Share (EPS) for the year ended 31 December 2021 was US Cents 1.33, compared to negative US Cents 1.43 for 2020,” he said.

“Ithmaar Holding’s total owners’ equity increased to US$37.76 million as at 31 December 2021, a 156 percent increase compared to US$14.76 million as at 31 December 2020,” said HRH Prince Amr. “The increase is mainly attributable to profits for the year,” he said.

“The Company’s success in 2021 would not have been possible without the unwavering support of multiple stakeholders, and I take this opportunity to thank our shareholders, the members of the Board of Directors and the Sharia Supervisory Board, the CBB, the MOITC, the Bahrain Bourse and the Dubai Financial Market, for their unwavering support,” said HRH Prince Amr. “I take this opportunity, also, to thank the Boards of the Directors, the management teams and the employees of our subsidiaries,” he said.

-ENDS-

MANAMA, BAHRAIN – 14 February 2022 – Ithmaar Holding B.S.C. (Trading symbol Bahrain Bourse and Dubai Financial Markets: ITHMR), a Bahrain-based holding company, reported profits for 2021 as it announced its financial results for the year ended 31 December 2021.

The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Company’s consolidated financial results.

Ithmaar Holding reported a net profit attributable to equity holders for the three-month period ended 31 December 2021 of US$37.13 million compared to the net loss of US$38.43 million reported for the same period in 2020. Total net profit attributable to equity holders for the year ended 31 December 2021 was US$38.60 million compared to the net loss of US$41.72 million reported for 2020.  The increase is mainly due to the growth in core income.

Earnings Per Share (EPS) for the three-month period ended 31 December 2021 were US Cents 1.28, compared to negative US Cents 1.32 for the same period in 2020. EPS for the year ended 31 December 2021 was US Cents 1.33, compared to negative US Cents 1.43 for 2020.

Total net profit for the three-month period ended 31 December 2021 was US$44.59 million compared to the net loss of US$30.26 million reported for the same period in 2020. Total net profit for the year ended 31 December 2021 was US$60.32 million compared to the net loss of US$21.48 million reported for 2020.

Ithmaar Holding’s total owners’ equity stood at US$37.76 million as at 31 December 2021, a 156 percent increase compared to US$14.76 million as at 31 December 2020. The increase is mainly attributable to profits for the year.

Accumulated losses, as at 31 December 2021, stood at US$798.79 million and amount to 105 percent of the share capital. Total assets reached to US$9.03 billion as at 31 December 2021, 8 percent higher than US$8.38 billion as at 31 December 2020.

In January 2022, Ithmaar Holding and Al Salam Bank announced agreement on the acquisition by Al Salam Bank of the consumer banking business in Bahrain of Ithmaar Holding’s subsidiary, Ithmaar Bank, as well as Ithmaar Holdings’ ownership stake in both BBK and Solidarity Group Holding. The announcement followed the execution of a memorandum of understanding between the two entities in October 2021, and the transaction remains subject to the approval of Ithmaar Holding shareholders and the regulatory authorities and the signing of definitive agreements.

Following the anticipated transaction, Ithmaar Holding will retain a well-diversified portfolio of financial assets which includes banking businesses in Bahrain and Pakistan, as well as various local and international real estate assets. Ithmaar Bank will remain a wholly-owned subsidiary of Ithmaar Holding and continue its journey as an innovative and agile Sharia compliant banking institution, maintaining its banking operations as a licensed Islamic bank regulated by the Central Bank of Bahrain and focusing on corporate banking and related services.

MANAMA, BAHRAIN – 11 November 2021 – Ithmaar Holding B.S.C. (Trading symbol: ITHMR), a Bahrain-based holding company, announced its financial results the nine-month period ended 30 September 2021, reporting a profit for the period.

The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Company’s consolidated financial results for the nine-month period ended 30 September 2021, including the third quarter of 2021.

Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended 30 September 2021 of US$2.53 million compared to the net loss of US$2.00 million reported for the same period in 2020. Earnings Per Share (EPS) for the three-month period ended 30 September 2021 was negative US Cents 0.09, compared to negative US Cents 0.07 for the same period in 2020. Overall, including profit attributable to minority interests, Ithmaar Holding reported a net profit for the three-month period ended 30 September 2021 of US$2.78 million, a 103 percent increase compared to the net profit of US$1.38 million reported for the same period in 2021.

Ithmaar Holding reported a net profit attributable to equity holders for the nine-month period ended 30 September 2021 of US$1.48 million compared to the net loss of US$3.29 million reported for the same period in 2020. EPS for the nine-month period ended 30 September 2021 was US Cents 0.05, compared to negative US Cents 0.11 for the same period in 2020. Overall, including profit attributable to minority interests, the Company’s results show a net profit for the nine-month period ended 30 September 2021 of US$15.74 million, a 79 percent increase compared to the net profit of US$8.78 million reported for same period in 2020.

Ithmaar Holding’s total owners’ equity stood at US$12.02 million as at 30 September 2021, an 18.6 percent decrease compared to US$14.76 million as at 31 December 2020. Accumulated losses, as at 30 September 2021, of US$831.54 million amounted to 109.7 percent of the share capital, compared to US$833.79 million as at 31 December 2020. Total assets grew to US$8.96 billion as at 30 September 2021, 7 percent higher than US$8.38 billion as at 31 December 2020.

In line with Ithmaar Holding’s strategy of creating value for its shareholders, the Board of Directors is working on various initiatives to improve the capital, which will strengthen the Company’s consolidated equity. As part of this strategy, the Company signed on 03 October 2021 a memorandum of understanding and entered into discussions with Al Salam Bank – Bahrain for the potential acquisition by Al Salam Bank of a group of assets from Ithmaar Holding’s group of companies. The plans, which are subject to the completion of due diligence by both parties, also require shareholder and regulatory approvals.

-ENDS