Abu Dhabi – Mubasher: Eshraq Properties’ shareholders have approved the board’s recommendation to repurchase no more than 10% of the company’s capital with the intent to resell them.

Shareholders delegated the board to carry out the necessary legal procedures to execute the repurchase procedures, Eshraq said in a statement to the Abu Dhabi Securities Exchange (ADX) on Monday.

Eshraq previously posted a 1,066.6% year-on-year surge in net profits for the second quarter of 2018 to AED 7 million from AED 600,000, whereas for the first half of the year, the Abu Dhabi-listed developer achieved AED 14.8 million in profits against AED 300,000 in losses during the same period of 2017.

Eshraq’s chairman recently forecast that his company would achieve close to AED 40 million in profits by the end of the year, indicating that the firm had sufficient solvency to seize opportunities in the real estate market.

By 1:35 pm UAE time, Eshraq Properties’ stock jumped 4.98% to AED 0.59.

https://english.mubasher.info/news/3328800/Eshraq-Properties-Q2-profit-rises-sharply