(The Group's Comments) Islamic Holding Net Profit Turns Net Loss of QR 83,794 in the First Quarter of 2019

April 16, 2019

Islamic Holding recorded a loss of about QR 83.8 thousand in the first quarter of 2019, compared to a profit of QR 237,000 for the same period last year, while the company’s share lost QR 0.01 versus earnings per share of QR 0.04 in the corresponding period of 2018. It should be noted that the company has made a profit of about QR 816 thousand in the fourth quarter of 2018.

The main reason for the company's loss was that the first quarter of 2018 included non-recurrent profits of QR 290,000 therefore the net operating income of the first quarter of 2019 decreased by QR 253 thousand and 11% in comparison.

The statement of comprehensive income for the end of the first quarter did not include any fair value differences on investments compared to an impairment loss of QR 332.8 thousand for the corresponding period of 2018.

In terms of net brokerage commissions, they decreased by QR 16,000 or 1.6%, while the total expenses amounted to about QR 2.04 million, compared to QR1.97 million for the corresponding period of 2018 due to the increase in administrative and general expenses as well as consumption.