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Eshraq Investments incurs higher losses in Q1-24 at AED 306m

Eshraq Investments incurs higher losses in Q1-24 at AED 306m
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Eshraq
ESHRAQ
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Abu Dhabi – Mubasher: The net losses after tax of Eshraq Investments increased to AED 306.05 million in the first quarter (Q1) of 2024 from AED 34.08 million in Q1-23.

Basic and diluted loss per share hit AED 0.11 as of 31 March 2024, an annual increase from AED 0.01, according to the financial results.

The revenues from commercial operations retreated to AED 4.05 million in the first three months (3M) of 2024 from AED 11.67 million.

Total assets dropped to AED 1.96 billion in Q1-24 from AED 2.27 billion as of 31 December 2023.  

Fahad Abdul Qader Al Qassim, Chairman of Eshraq Investments, commented: “The significant write-downs and exits undertaken in the Goldilocks Fund both in 2023 and during this quarter have helped to greatly reduce liabilities and now reflect a more accurate value of the fund.”

“We are optimistic for the year ahead, with the announcement of our refreshed corporate strategy in the coming weeks, which we believe 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 stated.

Mohamed Al Hashimi, CEO of Eshraq Investments, said: “Average occupancy of our Real Estate assets remains high, having increased to 98% in Q1-24, as compared to 95% in the prior year.”

Al Hashimi indicated: "While ongoing portfolio optimisation in the Goldilocks Fund weighed on financial performance for the period, we are pleased that liabilities within the fund have now reduced by c. AED 400 million through settlement and we expect to see further improvements in the second quarter as the now-rationalised holdings within the fund continue to mature and diversify.”

Re-election

The company announced Fahad Abdulqader Al Qassim as Chairman of the board, while Matar Hamdan Al Ameri was elected as the Vice Chairman.

The board members approved the decision during their meeting on 14 May 2024.

In the 12-month period that ended on 31 December 2023, Eshraq Investments turned to net losses valued at AED 545.10 million, against a net profit of AED 589.79 million in 2022.