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Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017.
The property firm said in a press statement that the new figures are their best half-year since the first half of 2014.
In the second quarter. net profit was Dh7 million, up from Dh0.64 million in the second quarter of 2017. The real estate firm’s board has now recommended a share buyback to help optimise its capital structure. The proposal will be put to shareholders at its next general assembly meeting.
Ehsraq chairman Jassim Al Seddiqi said, “Eshraq’s half-yearly results show the extent of work that has been done to stabilize 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.”
The firm attributed its leap in profitability to a strong performance in its hosptiality and leasing portfolios. It said it had achieved 96.5 per cent occupation in its lease properties during the half, with Nuran Marina hotel appartments reaching 91.3 per cent occupancy.
It said it was making steady progress across all its major projects in Dubai and Abu Dhabi, and looked forward to completing them all on time and within budget.
Eshraq Properties has dropped plans to merge with fellow Abu Dhabi developer Reem Investments, after the two companies could not agree on the terms of the transaction, the company said on Tuesday.
Eshraq Properties on Sunday said it had swung back to profit in the first quarter.
The company reported a net profit of Dh7.75 million for the first quarter 2018 against a net loss of Dh0.9
Eshraq Properties reported a net profit of Dh32.2 million last year compared to a net loss of Dh301 million in 2016.
The company which is involved in the development of various projects in
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