Abu Dhabi – Mubasher: Eshraq Investments turned to net losses valued at AED 34.08 million in the first quarter (Q1) of 2023, against net profits worth AED 14.35 million in Q1-22.
Revenues from commercial operations rose to AED 11.67 million in Q1-23 from AED 11.51 million as of 31 March 2022, according to the consolidated income statements.
The basic and diluted loss per share reached AED 0.012 during the first three months (3M) of 2023, compared to earnings per share (EPS) of AED 0.010 in the year-ago period.
Total assets hit AED 2.95 billion in January-March 2023, versus AED 3.01 billion as of 31 December 2022.
Jassim Alseddiqi, Chairman of Eshraq Investments, noted: “In the next three years, we are planning to monetize all our non-income generating assets and reinvest the proceeds towards profitable investments, such that our entire AED 2.80 billion of share capital generates stable profits for Eshraq’s shareholders.”
Alseddiqi continued: “This is a pivotal time for Eshraq and we aim to strengthen our market presence through imminent senior leadership appointments.”
“Looking ahead, we will continue to navigate market conditions and seek new investment opportunities at attractive return potential to deliver value to our shareholders,” he concluded.
During the 12-month period that ended on 31 December 2022, the ADX-listed company witnessed higher net profits at AED 589.79 million, compared to AED 38.42 million in 2021.
