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Dubai Investments PJSC and its subsidiaries have released their condensed consolidated interim financial statements for the nine-month period ending on September 30, 2024.

The document is the condensed consolidated interim financial information for Ithmaar Holding B.S.C. as of 30 September 2024.

Ithmaar Holding B.S.C. has prepared this report following the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, which requires companies with accumulated losses of 20% or more of their paid-up capital to disclose this information. Companies must comply with additional provisions when losses reach 50% or more. As of Q3 2024, Ithmaar Holding's accumulated losses amount to USD 837.65 million, equating to 111% of its paid-up capital. The losses, which began appearing in December 2016, were initially due to impairment provisions from non-core investments during financial crises. Subsequent increases were influenced by the adoption of FAS30 in 2018, the economic impact of COVID-19 in 2020, and various net losses and profits in the following years. The Board of Directors is implementing initiatives like asset sales and restructuring plans to improve capital and strengthen the company's equity.