Abu Dhabi – Mubasher: Eshraq Properties on Thursday posted a 91% year-on-year fall in its profits for the full-year 2018.

Net profits recorded AED 3.03 million in 2018, compared to AED 32.54 million in 2017, according to the company’s statement to the Abu Dhabi Securities Exchange (ADX).

Revenues rose 11% to AED 26 million last year, against AED 23.4 million in the year before.  

As for the fourth quarter of 2018, the real estate company’s profits went down 3.1% to AED 31.2 million, from AED 32.2 million in Q4-17.

During the first nine months of 2018, the Abu Dhabi-listed firm reported a 7% year-on-year increase in profits to AED 28.2 million, compared to AED 0.7 million.

On Wednesday, Eshraq Properties announced changing its name to Eshraq Investment after getting the shareholders’ approval during a general meeting held on 11 February.