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Eshraq Investments shifts to consolidated loss in 2023

Eshraq Investments shifts to consolidated loss in 2023
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Eshraq
ESHRAQ
-4.08% 0.31 -0.01

Abu Dhabi – Mubasher: Eshraq Investments swung to a consolidated loss in 2023, recording a net loss of AED 545.10 million, versus a net profit of AED 589.79 million a year earlier.

Revenues from commercial operations recorded AED 31.61 million last year, down from AED 41.01 million in 2022, according to a press release.

The basic and diluted loss per share reached AED 0.20 in the 12-month period that ended on 31 December 2023, compared to earnings per share (EPS) of AED 0.30 the year before.

Furthermore, the company’s total assets dropped to AED 2.27 billion last year from AED 3.01 billion in 2022.

Total underlying net investment value recorded AED 1.34 billion at the end of 2023, down from AED 1.75 billion a year earlier.

Fahad Abdul Qader Al Qassim, Chairman of Eshraq, stated: “This was a year for strategic progress, during which we prioritised a more rigorous approach to asset valuation and the optimisation of our portfolio – both of which weighed on financial performance.”

“We are very much looking forward to the announcement of our refreshed corporate strategy, which will create a new direction for our business and see us return to a position from which to create long-term and competitive shareholder value,” Al Qassim added.

For his part, Mohamed Al Hashimi, CEO of Eshraq, said: “Occupancy rates in our Real Estate portfolio remained healthy on a relative basis, while we continued to selectively monetise certain developed and undeveloped properties. Other important milestones included the appointment of the new Chairman of Eshraq and the revitalisation of our board of directors.”

“While we remain in a critical phase for re-organizing our business Page 2 of 3 and re-positioning our portfolio, the year ahead holds compelling opportunities and we look forward to announcing our aspirations in the coming weeks,” Al Hashimi highlighted.

In the first nine months (9M) of 2023, Eshraq Investments recorded a net loss of AED 81.44 million, against net profits worth AED 481.47 million in 9M-22.