Eshraq Investments reports Q1 2023 financial results
- Date: 10-May-2023
- Source: Zawya
- Sector:Financial Markets
- Country:UAE
Eshraq Investments reports Q1 2023 financial results
- Gross profit of AED 8.3 million for period ending 31 March 2023
- Cash position of c. AED 81 million for deployment in new opportunities
- Net loss of AED 34 million largely from mark-to-market movement in investments
Abu Dhabi, UAE: Eshraq Investments PJSC ("Eshraq" or "Company"), listed on the Abu Dhabi Securities Exchange ("ADX"), has announced its Q1 2023 financial results. The Company recorded a gross profit of AED 8.3 million for the first quarter of 2023 as compared to a gross profit of AED 7.9 million for the same period last year, and a net loss of AED 34 million in the first quarter of 2023 on account of mark-to-market movement in financial and real estate investments.
Leasing and hospitality businesses:
The Company’s residential apartments in Marina Rise and Nuran Marina hotel apartments registered record YTD occupancy rates of 93% and 97% respectively, demonstrating their premium standing in the market. The commercial operations generated AED 8.3mn profit in the first quarter.
Asset monetization progress:
Eshraq continued to make rapid progress on its land bank and low profitability asset monetization strategy. To date, the Company has concluded sale of seven land plots representing 27% of its existing land bank by book value with total sale