Abu Dhabi: Eshraq Investments incurred net losses valued at AED 677.37 million in 2024, up year-on-year (YoY) from AED 545.10 million.
Loss per share hiked to AED 0.25 in 2024 from AED 0.20 in 2023, according to the initial financial results.
The net loss from investments registered in 2024 was mainly driven by asset write-downs by the Fund Manager following rigorous due diligence and re-valuation of holdings within the Goldilocks Fund.
Total net investment value of the Goldilocks Fund hit AED 659 million at the end of December 2024, marking an annual drop from AED 1.33 billion. This was due to strategic exits from certain holdings executed by the Fund Manager as well as the abovementioned re-valuation of assets.
Revenue from commercial Real Estate operations plunged 48% YoY, due to a decline in rental income following the profitable sale of Real Estate assets in Dubai in 2023.
In the first nine months (9M) of 2024, the net losses of Eshraq Investments enlarged to AED 295.80 million from AED 81.44 million in 9M-23.
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