Abu Dhabi-listed developer, Eshraq Properties, reported a net profit of AED14.8mn for the first half of 2018 as compared to a net loss of AED0.32mn for the same period last year.
In commenting on the results, Eshraqs chairman, Jassim Alseddiqi, said: Eshraqs 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.
In a statement to Abu Dhabi Securities Exchange (ADX), the developer said that it is working on optimising its capital structure; and for that purpose, the board has recommended a share buy-back program. The program will then be presented and put to vote for shareholders approval during the next General Assembly meeting.
On the development front, Eshraq Properties 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. Eshraqs hospitality and leasing portfolios performances were key in achieving the companys 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.