Abu Dhabi – Mubasher: Eshraq Investments logged AED 10.652 million net losses in 2019, against net profits of AED 3.03 million in 2018, according to the company’s financial results for 2019. The negative turn in FY19 financials is attributed to the impairment of real estate assets at a value of AED 22.534 million in 2019, compared to the impairment of AED 11.286 million in 2018.
Meanwhile, the loss per share stood at AED 0.0046 last year from earnings per share of AED 0.0013 in 2018.
Eshraq’s chairman, Jassim Alseddiqi, said: “Eshraq’s operational profit remained resilient amid a challenging real estate market, thanks to the diversification strategy implemented at the start of 2019. […] Moving forward, we will continue to be focused on further diversifying our revenues and be opportunistic for new investments.”
It is noteworthy to mention that during the third quarter of 2019, the company reported a 74% year-on-year profit retreat to AED 3.5 million from AED 13.5 million in the year-ago period
