Ithmaar Holding swings into net loss in 2017

27/02/2018 06:24 AST

Ithmaar Holding said it swung into a net loss in 2017 even as total income fell.

The company reported a net loss of $72.40 million (Dh266 million) in 2017 compared to net profit of $13.80 million in 2016. Ithmaar reported a five per cent fall in total income to $392.46 million compared to $413.17 million in the year-before period mainly due to unrealised foreign exchange losses.

“ ... I am pleased to announce that Ithmaar’s financial results show that the continued focus on our core retail banking business is paying off, even if the overall results are not immediately obvious as these have been impacted by non-core business,” said Ithmaar Chairman Prince Amr Al Faisal in a statement. Total assets stood at $8.61 billion as at December 31, 2017, a 3.2 per cent increase compared to $8.34 billion as at December 31, 2016.

The company’s shares were listed on the Dubai Financial Market (DFM) on January 29, 2017.


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