Abu Dhabi developer Eshraq reports $2m net profit for Q1 2018

The developer will award construction and design contracts for its Jumeirah Village Circle and Maqta projects by the end of Q2 2018

Eshraq chairman, Jassim Alseddiqi.
Eshraq chairman, Jassim Alseddiqi.

Abu Dhabi-listed Eshraq Properties reported a net profit of $2.1m (AED7.75m) in Q1 2018.

The figure is a marked improvement for the UAE-based real estate company, which posted a net loss of $258,633 (AED950,000) for the same period last year.

Eshraq chairman Jassim Alseddiqi commented: “We are very proud of Eshraq’s turnaround and remarkable performance over the past 12 months.

"The results show a [...] return to profitability compared to the same quarter last year."

READ: Eshraq overcomes 2016 net loss to post $9m profit

The company also revealed that its projects in Dubai and Abu Dhabi are progressing within budget, with shoring works for its Marine Rise development on Reem Island in the final stages.

Eshraq said it was targeting Q2 2020 as the project's delivery date.

Moreover, the company said it aims to appoint a contractor for its project in Dubai’s Jumeirah Village Circle, and award the design contract for its Gateway project in the Maqta area of Abu Dhabi, by the end of Q2 2018.

The Eshraq board has reportedly mandated its investment committee to seek income generating investments in the UAE, while the company works to optimise its capital structure.

It is also considering cross-listing its shares in Saudi Arabia, and is in the process of appointing a financial advisor for the exercise. 

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