Abu Dhabi - Mubasher: Eshraq Investments, listed on Abu Dhabi Securities Exchange (ADX), posted a net profit of AED 4 million for the first half of 2019.
The growth in H1-19 profits was mainly driven by the company’s diversification plans, according to a press release.
Eshraq’s leasing and hospitality businesses continued the robust performance with occupancy rates at its Dubai International Financial Centre’s (DIFC) residential apartments and Nuran Marina hotel touching 100% and 88%, respectively.
Moreover, the company’s investment portfolio recorded a solid strong income from investments and deposits in H1-19, Eshraq added.
At the level of work progress, the construction of Eshraq’s Marina Rise project in Reem Island is now complete by over 40% and is set for completion by the fourth quarter of 2020.
“Once completed, Marina Rise will be the first development project to contribute to Eshraq’s bottom line from next year,” the company noted.
In the same vein, Eshraq’s board of directors has approved to commence the construction of the Jumeirah Rise project in Jumeirah Village Circle.
The Jumeirah Rise will comprise two mixed use tower and one hotel apartments and is expected to expand Eshraq footprint and capacity with a new total leasable area of 35,500 square meters.
Furthermore, the board has discussed the cross-listing of the company’s shares on the Saudi Stock Exchange (Tadawul), Eshraq highlighted, adding that it seeks approval from the Securities and Commodities Authority (SCA) after submitting all required documents.
“The directors also proposed the removal of the foreign ownership limit cap in accordance with the new changes to the UAE Commercial Companies Law no. (2) of 2015. The Board has instructed the management to liaise with the relevant regulatory authorities and seek their approval,” Eshraq highlighted.
In May, Eshraq announced it had generated a net profit of AED 2.1 million for Q1-19.
In Q1-19, the company’s operational revenue stood at AED 6.8, versus AED 7.2 million in the year-ago period.
