Abu Dhabi – Mubasher: Eshraq Investments has reported consolidated net profits worth AED 7.28 million in the first half (H1) of 2022, an annual plunge of 59% from AED 17.95 million.

The company registered revenues of AED 20.80 million in H1-22, up from AED 10.19 million in H1-22, according to the financial results on Monday.

Furthermore, the basic and diluted earnings per share (EPS) stood at AED 0.0032 in the January-June 2022 period, versus AED 0.0078 in the year-ago period.

During the second quarter (Q2) of 2022, Eshraq Investments turned to losses of AED 7.06 million, against profits worth AED 7.69 million in Q2-21.

The company posted a loss per share of AED 0.0031 in Q2-22, versus EPS of AED 0.0034 in Q2-21.

The revenues soared to AED 9.28 million in Q2-22 from AED 4.89 million in Q2-21.

Meanwhile, the company incurred accumulated losses of AED 1.03 billion as of H1-22, accounting for 44% of the AED 2.32 billion capital.

Last April, Eshraq Investments' shareholders approved a capital reduction to AED 1.42 billion to offset the accumulated losses. 

The new capital will be distributed over 1.42 billion shares, at a nominal value of AED 1 per share.

In the first quarter (Q1) of 2022, the listed firm logged net profits worth AED 14.35 million, an annual leap of 40% from AED 10.25 million.