اقتصاد
Eshraq Investments posts net profit of AED 38.4 million for the year ended 31st December 2021
Eshraq Investments PJSC (“Eshraq” or “Company”), listed on the Abu Dhabi Securities Exchange (“ADX”), announced its audited financial results for the full year 2021. The Company reported a net profit of AED 38.4 million, compared to a loss of AED 80 million in 2020.
Eshraq recorded an operating revenue of AED 26.2 million for the full year of 2021, an increase of 45% over the same period last year. The strong operating revenue was driven by Eshraq’s leasing and hospitality businesses as their performance returned to pre-pandemic levels. Eshraq’s Burj Daman Apartments and Nuran Marina Serviced Residences achieved occupancy rates of 100% and 93% respectively, thanks to the Company’s proactive and strategic leasing efforts.
On the development front, Marina Rise, the Company’s first mixed-use development on Reem Island, achieved 97% occupancy at the end of February 2022, bolstering Eshraq’s recurring revenues and land bank monetization strategy. The Company is exploring further development opportunities of its other land plots in Reem Island, Abu Dhabi.
The Company also recorded a gain of AED 46.1 million from its financial and technology investments, compared to a loss of AED 1.1 million in 2020, driven by strong outperformance of the company’s equities and debt portfolio and a 44% year-over-year increase in dividend income. The Company continues to expand its portfolio of financial and technology assets and diversify its asset base.
Jassim Alseddiqi, Eshraq’s Chairman, said, “We are pleased with the strong profitability growth we achieved in fiscal year 2021. The recovery is driven by the disciplined execution of our growth strategy, which focuses on operational excellence and diversification. Eshraq’s strong results are a testament of the Company’s ability to navigate a changing environment while investing in future growth opportunities. We look forward to maintaining growth momentum through 2022, and monetizing additional land plots in line with our successful completion of Marina Rise tower.”
