Eshraq Investment Company recorded a 59% decrease in profits for the first half of 2022 to reach 7.3 million dirhams, compared to profits of 18 million dirhams in the first half of last year.
According to Arab Net, the company listed on the Abu Dhabi Securities Exchange explained in a statement that the reason for the decline in profits during the current period is due to the increase in financing costs by 85% to reach 4.8 million dirhams, compared to 2.6 million dirhams during the first half of 2021.
It is also due to the fact that the results of the current period included losses from changes in the fair value of financial assets at fair value through profit or loss of 5.3 million dirhams, compared to achieving profits of 8.1 million dirhams during the same period in the previous year.
It is also due to a 38% decrease in dividend income to reach AED 4.3 million compared to AED 6.9 million during the first half of last year, in addition to an increase in general and administrative expenses by 5% to reach AED 7.95 million compared to AED 7.57 million during the same period in 2021. .
