Abu Dhabi – Mubasher: Eshraq Investments has incurred accumulated losses of AED 1.074 billion as of 31 December 2020, representing 46.2% of the capital.

The company has begun to record accumulated losses since 2014 due to the loss on cancellation of sales in 2014 and losses of fair valuation of investment properties and investment properties under development since 2014 and until 2020, according to a bourse filing on Monday.

Meanwhile, the company registered an AED 504.087 impairment in 2016.

To address these losses, the company's board has implemented a strategy to efficiently deploy capital, expanded its focus to an investment company with real estate assets and set a share buyback programme in 2020.

It is noteworthy to mention that in 2020, the company saw a net loss of AED 80.03 million, compared to AED 10.7 million in 2019.