Ithmaar Holding B.S.C

The Board of Directors of Ithmaar Holding has announced the resignation of its board member, Mr. Mohammed Bucheeri, due to health reasons. The resignation will be effective from the end of the day on 31st December 2023. Mr. Bucheeri was appointed by a major shareholder, Dar Al-Maal Al-Islami Trust. The board and executive management expressed their appreciation for Mr. Bucheeri's contributions during his tenure. The appointment of a replacement will be disclosed in due course.

Ithmaar Holding B.S.C. has announced that its Board of Directors will review and approve the financial results for the year ended 31 December 2023. The meeting is scheduled to take place on Tuesday 13 February 2024 at 1:00pm. The announcement was made to the Bahrain Bourse and the Dubai Financial Market.

Ithmaar Holding B.S.C. announced that during the Board of Directors meeting held on Monday, 13th November 2023, the financial results for the period ending on 30th September 2023 were approved. The information was communicated to the Bahrain Bourse and the Dubai Financial Market.

The text provides a condensed consolidated interim financial information for Ithmaar Holding B.S.C. as of 30th September 2023.

The document is a disclosure form prepared by Ithmaar Holding B.S.C, in line with the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. It pertains to companies with shares listed on the market and accumulated losses of 20% or more of their paid-up capital. As of Q3 2023, Ithmaar Holding B.S.C's accumulated losses were valued at USD 833.24 million, which is 110% of their paid-up capital. The company's accumulated losses began to increase significantly in 2016, mainly due to impairment provisions from non-core investments. The adoption of FAS30 in 2018 and the economic impact of Covid-19 in 2020 further increased the losses. However, in 2021, the losses decreased by $35.0 million due to net income attributable to shareholders, but increased again in 2022 and 2023 due to net losses attributable to shareholders. The company's board is currently working on initiatives to improve the capital and address the accumulated losses, including asset sale and/or restructuring plans.