Eshraq Properties reports net profit of $4m in H1

Eshraq Properties reports net profit of $4m in H1
The Adu Dhabi real estate firm posted $4m in net profit for the first half of the year.
Published: 13 August 2018 - 2:54 a.m.
By: Jack Ball

Eshraq Properties has reported a net profit of $4m (AED14.8m) in H1 2018, a significant turnaround compared to first half of last year when the Abu Dhabi-based real estate firm reported a loss.

According its latest financials, its H1 2018 net profit figure represented a 4,725% increase on H1 2017 when the group experienced a net profit loss of $87,121 (AED320,000).

The group’s second quarter results mirrored these figures, with year-on-year net profits between April and June rising to $1.9m (AED7m) – a 994% increase on the same three months last year.

Eshraq said performance in its hospitality and leasing portfolios were key in achieving the group's "stellar" results.

For the first half of 2018, Nuran Marina hotel apartments achieved an occupancy rate of 91.3%. On the leasing front, Eshraq has achieved an occupancy ratio of 96.5% across its leasing portfolio.

"The results are the best half-yearly results for the company since the first half of 2014 and a further confirmation of the successful turnaround story that Eshraq has embarked on under the new leadership," the firm added in a statement.

Jassim Alseddiqi, its chairman, said: "Eshraq’s half-yearly results show the extent of work that has been done to stabilise the company and allow it to benefit from the opportunities offered by the real estate sector in the UAE.

"Our vision for Eshraq is to be a prominent real estate developer in the UAE and the region. We are keen to deliver real and substantial returns to our shareholders".

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