The quarterly profits of Eshraq Investment Company, listed on the Abu Dhabi Securities Exchange, decreased by 62% to reach 7.7 million dirhams in the second quarter of 2021.
According to Arabiya Net, the company attributed the decline in its profits to recording profits from the revaluation of 12 million dirhams in the corresponding period, compared to 450 thousand dirhams in the second quarter of this year.
The company's accumulated losses at the end of the second quarter amounted to 1.65 billion dirhams, representing 45% of the company's capital.
The company recorded, during the first half of this year, a net profit of 17.95 million dirhams, an increase of 167.25% compared to the first half of 2020.
Eshraq achieved an operating income of 10.20 million dirhams in the first half of the year, a growth of 9.58% over the same period last year.
The company also made gains of 15.36 million dirhams from its investments, mainly in the financial and technical sectors.
Meanwhile, the leasing and hospitality business has returned to pre-pandemic levels, with the company's assets in the Dubai International Financial Center and Nuran Marina achieving occupancy rates of 97%. and 96%, respectively. In terms of real estate development projects, "Marina Rise" - the company's first mixed-use project on Al Reem Island - received a construction completion certificate from the Abu Dhabi Municipality and Eshraq began renting its units. Jassem Al-Siddiqi, Chairman of the Board of Directors of Eshraq, said:
"We are very pleased with the great progress we have made on various fronts, whether in terms of increasing our profitability and investments through a diversification strategy, or completing the first mixed-use real estate development project on schedule. . During the second half of the year, we will continue to be committed to creating value for our shareholders by improving operational efficiencies and strengthening our balance sheet.”
