Abu Dhabi – Mubasher: The preliminary financial results of Eshraq Investments recorded net losses of AED 3.64 million during the first nine months of 2020, against AED 7.49 net profits in the year-ago period.

The company's revenues from commercial operations declined to AED 13.21 million in the January-September period in 2020 from AED 17.16 million in the corresponding period of 2019.

The losses per share stood at AED 0.0016 in the first nine months of 2020, versus AED 0.0032 earnings per share (EPS) in the same months in 2019.

During the third quarter (Q3) of 2020, the company reported net profits of AED 23.06 million, up from AED 3.47 million in the same quarter of the earlier year.

Meanwhile, the company incurred accumulated losses of AED 997.73 million as of 30 September 2020 due to the loss on cancellation of sales in 2014 and on fair valuation of investment properties and investment properties under development since 2014.

Commenting on the company's performance, Eshraq's Chairman, Jassim Alseddiqi, said: "Even during the year of extreme turmoil, our income-generating portfolio has outperformed its peers. The completion of Marina Rise project on Reem Island will demonstrate the team’s engineering excellence and will also be a step forward to monetizing our land bank.”

It is noteworthy to mention that during the first half (H1) of 2020, the company saw net losses of AED 26.7 million, when compared to the same half of 2019.