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Abu Dhabi-listed Eshraq Investments said it is to unveil a growth strategy early 2024 as it swung to a net loss of 83 million dirhams ($22.6 million) in Q3 2023 from a net profit of AED 474 million in the year-ago period.
CEO Mohamed Al Hashimi highlighted a planned share buyback programme, as well as the appointment of a new chairman, ADQ official Fahad Al Qassim and new board member Jacques Fakhoury, whom he said bring ‘significant portfolio management and investment experience across a range of sectors’.
Revenue for the quarter was AED8.2 million, a shade lower than the AED 8.7 million in Q3 2022, financial results posted to Abu Dhabi Securities Exchange (ADX) showed
For the nine-month period, the loss was AED 81 million, versus a profit of AED 481 million in 2022, with revenue of AED 26.5 million, down from AED 29.5 million.
Eshraq said its performance in Q3 2023 was due to weaker financial performance driven by the change in the value of the Shuaa Capital-managed Goldilocks Fund, which it acquired in August 2022, and higher net finance costs given the interest rate environment.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
