Profit of $4 million compares favourably to loss of $87,000 in H1 2017
Abu Dhabi Securities Exchange -listed real estate company Eshraq Properties has heralded its best H1 results since 2014 as confirmation of a “successful turnaround story that Eshraq has embarked on under the new leadership.”
The company appointed a new chairman Jassim Al Seddiqi in 2016 and it reported that net profit of $4 million compares favourably to the loss of $87,000 registered in H1 2017 last year.
“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,” said Al Seddiqi. “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.”
Eshraq’s Hospitality and Leasing Portfolios were key to lifting its performance with Nuran Marina hotel apartments achieving an occupancy rate of 91.3% in the first half of the year. Eshraq further revealed it achieved an “impressive” occupancy ratio of 96.5% across its leasing portfolio.
Eshraq said it is continuing to work on optimising its capital structure; “and for that purpose, the Board has recommended a share buy-back program (the “Buy Back”). The Buy Back will then be presented and put to vote for shareholders’ approval during the next General Assembly meeting. On the development front, Eshraq is making steady progress across all its major projects in Abu Dhabi and Dubai, and looks forward to completing these on time and within budget.”
The firm is currently developing Marina Rise in the Cove District on Al Reem Island, a single residential tower with two basement levels, ground floor, two podium floors and 24 floors of apartments. Once completed, the development will boast 233 residential units in studio, one-, two- and three-bedroom configurations.