Abu Dhabi – Mubasher: Eshraq Investments suffered higher net losses at AED 295.80 million in the first nine months (9M) of 2024, compared to AED 81.44 million in 9M-23.
The revenue from commercial operations stood at AED 12.14 million in 9M-24, marking an annual plunge from AED 26.57 million, according to the consolidated financial results.
Basic and diluted loss per share recorded AED 0.16 as of 30 September 2024, down from AED 0.22 in 9M-23.
Financial Results for Q3-24
During the third quarter (Q3) of 2024, the UAE-based group turned profitable at AED 6.72 million, against net losses valued at AED 83.34 million a year earlier.
Revenues shrank to AED 4 million in Q3-24 from AED 6.93 million in Q3-23. Meanwhile, earnings per share (EPS) hit AED 0.002, compared to a loss per share of AED 0.030.
Fahad Abdul Qader Al Qassim, Chairman of Eshraq, said: “We are making good headway on the execution of our refreshed long-term strategy, with the core business to focus on directly held Private Equity stakes in high-growth GCC companies.”
“Under the refreshed strategy, we intend to maintain a greater degree of control over our investments through direct holdings, complemented by cash generation from minority equity positions, fixed income assets and the sale or development of our Real Estate assets to balance the portfolio and support consistency in earnings,” Al Qassim noted.
Mohamed Al Hashimi, CEO of Eshraq, commented: “As we continue to rationalize our portfolio, we are making solid progress in executing our strategy to create long-term and competitive shareholder value.”
“On this front, we expect to make some important announcements during the coming months, as we press ahead on critical initiatives that will accelerate our return to profitable growth,” Al Hashimi added.
As of 31 March 2024, Eshraq Investments reported net losses worth AED 306.05 million, versus AED 34.08 million in Q1-23.
