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Abu Dhabi-based real estate and investments firm Eshraq Investments has swung to a net profit, as revenues from leasing and hospitality businesses returned to pre-pandemic levels.
Net profit for the year ended December 31, 2021 reached 38.4 million dirhams ($10.4 million), compared to a loss of 80 million dirhams in 2020, the company told the Abu Dhabi Securities Exchange (ADX), where its shares trade.
The company, which develops commercial and residential properties, also recorded a gain of 46.1 million dirhams from its financial and technology investments, compared to a loss of 1.1 million dirhams in 2020.
Eshraq’s Burj Daman Apartments and Nuran Serviced Residences posted occupancy rates of 100 percent and 93 percent, respectively, in 2021 while its mixed-use development on Reem Island, the Marina Rise, achieved a 97 percent occupancy at the end of February 2022.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
