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Eshraq Investments swings to AED 81.5m losses in 9M-23

Eshraq Investments swings to AED 81.5m losses in 9M-23
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Abu Dhabi – Mubasher: Eshraq Investments turned to net losses standing at AED 81.44 million in the first nine months (9M) of 2023, compared to net profits worth AED 481.47 million in 9M-22.

Revenues from commercial operations dropped year-on-year (YoY) to AED 26.57 million in 9M-23 from AED 29.52 million, according to the consolidated financial statements.

Basic and diluted loss per share hit AED 0.02 in January-September 2023, against earnings per share (EPS) of AED 0.28 a year earlier.

Total assets increased to AED 2.78 billion in 9M-23 from AED 3.01 billion as of 31 December 2022.

Financials for Q3-23

During the third quarter (Q3) of 2023, the ADX-listed company shifted to net losses valued at AED 83.34 million, compared to net profits of AED 474.18 million in the year-ago period.

The revenues declined to AED 8.18 million in Q3-23 from AED 8.72 million in Q3-22. Meanwhile, the basic and diluted loss per share reached AED 0.03, versus a profit per share amounting to AED 0.28.

Mohamed Al Hashimi, CEO of Eshraq Investments, commented: “We used this quarter to continue to optimise our portfolio to focus on developing non-income generating assets and pursuing profitable investments that will deliver greater value to our shareholders.”

“We expect improving future performance for the Goldilocks Fund as its underlying investments mature and diversify,” Al Hashimi underlined.

As of 30 June 2023, Eshraq Investments turned profitable at AED 1.90 million, against net losses valued at AED 7.28 million in the first half (H1) of 2022.