According to a company statement, the company's net profit before the losses in real estate value reached AED 11.8 million during the same period.
Despite the decline in the value of real estate as a result of the revaluation, the operating operations of the Ishraq company maintained their profitability, achieving an income of 32 million dirhams, benefiting from the diversification strategy set by the Board of Directors and applied in early 2019. The company's investment portfolio also recorded a strong income from investments and deposits, Resulting in robust overall operating results, with net financing and profit revenue growing by 10% and 69%, respectively, on an annualized basis.
As part of the improvement strategy pursued by the company, its administrative and public expenditures decreased by 13.1%.
The company’s business in the rental and hospitality sectors, including apartments in the Dubai International Financial Center and hotel apartments at Nuran Marina, continues to outperform its excellent services and high quality, with occupancy rates reaching 93% and 90%, respectively.
On the projects front, Ishraq obtained conditional approval of the general plan for the Gate Way project from the Department of Urban Planning and Municipalities, which is a mixed-use project located between Al Maqta Bridge and Sheikh Zayed Bridge.
The construction of the Marina Rise residential tower project in Al Reem Island is nearing completion, and it will be ready on schedule by the last quarter of 2020. The Marina Rise project has achieved a million hours without registering any time lost due to injuries, and upon completion it will become the first development project that contributes to revenue and profits The company, starting in 2020.
In this regard, Jasim Al Siddiqui, Chairman of Ishraq Investment Board, said: Ishraq has maintained solid operating profits despite the challenges witnessed by the real estate market, thanks to the strong diversification strategy implemented in early 2019.
The company's business in the rental and hospitality sectors has also managed to maintain an occupancy rate above 90%, which indicates the quality of these assets and the proactive approach applied by the management team. On the future front, we will continue to focus on diversifying our revenues and taking advantage of opportunities.
