Abu Dhabi – Mubasher: Eshraq Investments shifted to net profits amounting to AED 1.90 million in the first half (H1) of 2023, against net losses worth AED 7.28 million in H1-22.
The UAE-based company posted an annual decline in revenue from commercial operations to AED 19.64 million during H1-23, compared to AED 20.80 million.
Basic and diluted earnings per share (EPS) hit AED 0.0007 during the first six months (6M) of 2023, versus a loss per share valued at AED 0.0052 in the year-ago period, according to the interim consolidated financials.
Income Statements for Q2-23
In the second quarter (Q2) of 2023, the company also turned profitable at AED 35.99 million, compared to net losses worth AED 7.06 million a year earlier.
Revenues from commercial operations plunged to AED 7.97 million in Q2-23 from AED 9.28 million in Q2-22. Meanwhile, the basic and diluted EPS reached AED 0.013, versus a loss per share of AED 0.005.
Jassim Alseddiqi, Chairman of Eshraq Investments, said: “We are pleased to report incredibly strong results in Q2-23 as we accrue the benefits of steady progress in our diversification strategy, supported by profitable real estate investments.”
Alseddiqi said: “We remain on track with our three-year plan to divest non-income generating assets and deploy the proceeds towards profitable investments that deliver value to shareholders.
“In line with our business updates, we will be soon making announcements about senior appointments that will contribute to strengthening our investor proposition,” he added.
During the January-March 2023 period, the ADX-listed firm swung to net losses worth AED 34.08 million, versus net profits of AED 14.35 million in Q1-22.
