Islamic Holding Net Profit Down 81.7% to QR237 Thousand in Q1 2018

April 24, 2018

The net profit of Islamic Holding amounted to QR237 thousand in the first quarter of 2018, compared to QR1.3 million in the same period of 2017. The company’s earnings per share recorded QR0.04 in this first quarter, versus QR0.23 for the corresponding period of 2017.

The Group’s Comments:

Islamic Holding’s operating income decreased in the first quarter of 2018 by 35% to QR2.21 million, of which QR1.02 million were generated from commissions (compared to QR2.78 million in the corresponding period of 2017), and QR842 thousand from savings accounts. After deducting expenses of QR1.83 million and taking into account depreciation and commissions, the net profit shrank to QR237 thousand compared to QR1.31 million in the corresponding period of 2017. It should be noted that there was a fair value loss of QR333 thousand, with a net loss of QR95.8 thousand.