Abu Dhabi – Mubasher: Eshraq Investments, listed on the Abu Dhabi Securities Exchange (ADX), has posted a net profit of AED 2.1 million for the first quarter of 2019.

Operational revenue fell by 7% to AED 6.8 million during the three-month period ended 31 March 2019, versus AED 7.2 million in the year-ago period, according to a statement.

Moreover, net finance income rose by 15% year-on-year in Q1-19, mainly driven by the deployment of capital in fixed income investments, the investment and real estate company said.

In 2019, Eshraq has carried on paying off under its diversification plans as its hospitality and leasing business outpaced its peers, leading its market-leading occupancy and revenue per available room (RevPAR), with occupancy rates of over 90% in Q1-19.

At the development front, Eshraq has completed over 23% of Marina Rise project’s construction work, which is set for completion by Q2-20, the company added.

“Once completed, Marina Rise will be the first development project to contribute to Eshraq’s bottom line from next year,” the statement indicated.

Furthermore, the company’s board has discussed the possibility of listing shares on the Saudi Stock Exchange (Tadawul).

Eshraq has already submitted its applications for cross-listing on Tadawul to the Securities and Commodities Authority (SCA) and waiting for its approval to hold the general assembly of its shareholders.

Any further announcements will be made once the company receives a response from the SCA, Eshrarq noted.